Zee Media Bureau
New Delhi/Hyderabad: A metropolitan sessions court on Monday granted bail to Satyam Computers founder B Ramalinga Raju and 9 others convicted in the the multi-crore accounting fraud and suspended their 7 years rigorous imprisonment senstences.
M Laxman, special judge for economic offences, said the execution of "substantive and default" sentence is suspended for Raju and his brother and then managing director of Satyam, B Rama Raju, on furnishing of personal bonds of Rs one lakh each and two sureties of the like sum.
"They shall also pay one tenth of fine amount within four weeks from the date of release on bail before the primary court (trial court), failing which they must undergo default sentence," the judge said in the order.
Earlier in April, a special court trying the multi-crore accounting fraud in erstwhile Satyam Computer Services Ltd (SCSL) found the firm's founder and then Chairman B Ramalinga Raju guilty in the case and sentenced him to seven years in Jail along with his brother B Rama Raju and 9 others.
Raju and his brother B Rama Raju were fined Rs five crore each while the eight others accused were fined varying amounts up to Rs 25 lakh by the special court.
During the hearing, the special court had found Raju guilty of cheating, forgery and criminal breach of trust. The court has also found all the other 9 accused guilty in the case and sentenced them to seven years rigorous imprisonment.
Touted as the country's biggest accounting fraud, the scam had come to light on January 7, 2009, after Raju allegedly confessed to manipulating his company's account books and inflating profits over many years to the tune of crores of rupees.
With regard to eight others, the court suspended their sentences and granted them bail on execution of personal bonds of Rs 50,000 each and two sureties of like sum each.
They too were directed to pay one tenth of the fine amount within four weeks from the date of release.
Raju, the main accused, and others, currently lodged in Cherlapally Central Prison, had filed appeals in the sessions court last week, challenging conviction and the sentences awarded by the Additional Chief Metropolitan Magistrate's Court (ACMM) in the over Rs 7,000-crore scandal which came to light in 2009.
CBI's special prosecutor K Surender said the plea for suspension of the sentence was almost like seeking suspension of the judgement of the trial court, which was permissible only in special circumstances. No such circumstances existed in this case, he argued.
"The act of Raju and others in fabricating documents of the erstwhile Satyam Computer Services Ltd (SCSL) over several years caused loss to the investors to the tune of several thousands of crores of rupees," the prosecutor said, claiming that the accused did have the means to pay the fine.
The court would hear next month the appeals filed by Raju and the nine others against their conviction.
With PTI Inputs
