The Supreme Court Friday issued notice to the Central Bureau of Investigation (CBI) on a bail plea by the accused in one of India’s biggest corporate frauds – erstwhile Satyam Computers Services Ltd founder chairman B. Ramalinga Raju, his brother Rama Raju and former employee V. Srinivas.
Justice Dalveer Bhandari and Justice Dipak Misra issued the notice.
The accused are facing prosecution for fudging the company accounts and showing inflated profits.
Senior counsel Uday Kumar Sagar pleaded that there was no necessity to keep the three petitioners in jail after they have already been in custody for two-and-a-half years.
The charges levelled against them attract a maximum sentence of seven years if convicted, Sagar told the court.
The accused would cooperate in the investigation of the case, he added.
The matter will be heard Nov 3.
The Supreme Court Wednesday granted bail to four erstwhile Satyam Computers Services Ltd employees and an official of its statutory auditor PricewaterhouseCoopers.