Monday, April 20, 2009

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Court rejects bail pleas of Satyam employees

The bail applications of two Satyam employees - Venkatpati Raju and C Srisailam - were rejected by a local court here on Saturday. The two were arrested in connection accounting scam involving thousands of crores of rupees in the IT company. They are in judicial custody in Chanchalguda jail, along with other scam accused, including Satyam founder B Ramalinga Raju.

Dismissing the bail applications, the XIV Additional Chief Metropolitan Magistrate observed, "It was not proper to grant bail at this stage when chargesheet was filed mentioning the role of the accused by the investigating agency." Venkatpati Raju is a Senior Manager and Srisailam, Assistant Manager, both in finance department.


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