Satyam's ex-chairman Ramalinga Raju was on Saturday sent to judicial custody till January 23 shortly after he was produced in a Hyderabad court. According to reports, his brother Rama Raju was also sent to judicial custody.
The order in this regard was passed after Satyam’s disgraced chief was produced before a magistrate, who also directed the jail authorities to monitor his medical condition.
The duo was sent to the Chanchalguda prison in Hyderabad.
Raju’s counsel Bharath Kumar has said that he has not lost hope and he will now move a bail plea on Monday. “We are moving a bail plea on Monday,” he said while replying to reporters.
In another development, Satyam's Chief Finance Officer Vadlamani Srinivasan has been arrested. He is being questioned by the authorities for his role in one of India’s biggest corporate frauds.
Just before Raju was produced in the court, CB-CID was seeking the extended custody of B Ramalinga Raju and his brother Rama Raju for interrogation.
Meanwhile, Union Corporate Affairs Minister Prem Chandra Gupta today assured that all action was being taken in a coordinated manner in connection with the case and there was no reason for panic.
“All action is being taken in a coordinated manner so that nothing goes haywire. We are concerned about the well being of Satyam employees, its share holders, its foreign clients and about the reputation of our corporate world in totality,” he said.
However, both the SEBI and SFIO teams will now have to wait and seek permission from the court to quiz the duo.
SEBI team, which is in the city to quiz Raju, will have to file a request with the Economic Offences Court to interrogate the duo, cops said.
The SEBI team had gone to Raju's house yesterday and had issued summons to him. Later, Raju’s lawyer told reporters that the Satyam founder would appear before SEBI at 4 pm on Saturday.
"We will seek police custody of Raju and Rama Raju... SEBI have to file a request in the Economic Offences Court to interrogate them," Additional DG-CID A Sivanarayana said in Hyderabad.
Earlier in the day, SEBI Chairman C B Bhave said, "We have given the investigation team a brief on Satyam as required," when asked if the investigating team would also get details from the RBI which is reported to have asked various banks including Citibank for credit details of Satyam.
Raju is currently in the CID custody. A case has been registered against Ramalinga Raju and Rama Raju under Section 120B (criminal conspiracy), 420 (cheating), 406, 467 and 427 (criminal breach of trust, forgery and using forged documents as genuine).
Cops said all the Sections under which the FIR has been filed against the two brothers are non-bailable.
According to Raju's lawyer, the two were questioned for over three hours on Friday night and again in the Saturday morning.
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