Satyam case to be heard on daily basis from Nov 8

Tuesday, November 2, 2010

HYDERABAD - The special court here conducting trial in the Satyam scam Tuesday decided to hear the case daily from Nov 8 in view of the Supreme Court’s directive to complete the procedings by July next year.

The trial in the Rs.14,000 crore accounting fraud began Tuesday but the Central Bureau of Investigation (CBI) sought time to bring forward six witnesses before the court.

B.V.L.N. Chakravarthy, the 21st additional chief metropolitan magistrate, granted the time and declared that the case would be heard daily from Nov 8.

CBI Deputy Inspector General Lakshminarayana told reporters that the agency had requested the magistrate to install an LCD projector in the courtroom to enable the prosecution to make his arguments effectively.

The magistrate suggested that both prosecution and defence lawyers follow the court directions to enable it to complete the hearing within the timeframe set by the Supreme Court.

Lakshminarayana said the CBI has already submitted to the court 1,000 documents relating the case.

The disgraced chairman of Satyam Computer Services and prime accused, B. Ramalinga Raju, and nine other accused also appeared before the court.

The Supreme Court Oct 26 cancelled the bail of Ramalinga Raju and five other accused and asked them to surrender before the trial court by Nov 8.

The apex court cancelled the bails of Ramalinga Raju, his brother B. Rama Raju, former Satyam chief financial officer Srinivas and three other former IT firm employees G. Ramakrishna, Venkatapathi Raju and Srisailam.

The court also directed the trial court in Hyderabad to conclude its proceedings by July 31, 2011.

Raju, who spent 19 months in jail, was granted bail by the high court Aug 18 on the ground that other accused were also granted bail.

Raju was at that time undergoing treatment for hepatitis C at the Nizam’s Institute of Medical Sciences (NIMS) here. He had been avoiding court appearance since November last year, delaying the commencement of the trial.

The 56-year-old Raju has been in jail since January last year when he admitted to the fraud.

Raju shocked the corporate India by admitting to a Rs.7,800 crore accounting fraud in the IT major. While resigning as chairman of the firm, he confessed on Jan 7 that the company cooked its books resulting in an “inflated (non-existent) cash and bank balances” over several years.

The CBI, however, told the court in November last year that the scam involved over Rs.14,000 crore.

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