Posted On by &filed under Top Law News.

A special court hearing the multi-crore Satyam fraud case Friday dismissed the petitions of three accused for postponing the trial against them.

The XXI Additional Chief Metropolitan Magistrate court dismissed the petitions of former Satyam chief financial officer Vadlamani Srinivas, and two other employees of the company on the ground that they were devoid of merit.

Srinivas, D. Venkatapathi Raju and Ch. Srisailam sought postponement of the hearing on framing of charges till the Central Bureau of Investigation (CBI) files the fourth chargesheet in the case.

They moved the petitions as the court, which has already heard CBI’s arguments on framing of charges, was to hear the arguments from all 10 accused.

CBI’s Special Public Prosecutor K. Surender opposed the pleas on the ground that the investigating agency never said that it would file a fourth chargesheet.

He told the court that investigations were on and if the CBI finds evidence it would file another chargesheet. He also pointed out that the court had already rejected a similar petition by another accused.

Magistrate B.V.L.N. Chakravarti ruled that the petitions were devoid of merit and not tenable under law.

Founder and chairman of Satyam Computer Services B. Ramalinga Raju, the prime accused in the Rs.14,000-crore accounting fraud, has also filed a similar petition seeking postponement of trial till the CBI completes its investigation.

The CBI has already opposed the petition, saying it was yet another attempt by the accused to delay the trial. The final arguments on the petition are likely on Sep 29.

Ramalinga Raju had shocked corporate India by confessing massive accounting fraud in the IT bellwether.

All 10 accused in the case have already been granted bail by the court.

Leave a Reply

Be the First to Comment!

Notify of