STOCK MARKET BSE NSE

Raju's Term Suspended, Bail Granted

Published: 12th May 2015 06:01 AM  |   Last Updated: 12th May 2015 06:01 AM   |  A+A-

HYDERABAD:In a major relief to disgraced Satyam founder B Ramalinga Raju and nine others, convicted in the multi-crore accounting fraud case, a local court on Monday granted them bail and also suspended their seven-year sentence.

Special judge for economic offences M Laxman said the execution of “substantive and default” sentence was suspended for Ramalinga Raju and his brother Rama Raju. He directed them to furnish a bond of Rs 1 lakh each and two sureties of like sum each. They were also directed to pay a tenth of the fine amount within four weeks from date of release on bail.

Raju, who was lodged in the Cherlapally central jail, filed an appeal, as did the other convicts last week, seeking bail and challenging their conviction and sentences. Counsels of Raju and others submitted before the court that their clients had already served a “substantial part” of their imprisonment (35 months) and requested for suspension of sentences.

They also informed the court that Raju and other convicts had no source of income to pay the ‘exorbitant’ fines slapped on them by the trial court and pointed out that the CBI had frozen their bank accounts while the ED had attached their properties. The court is scheduled to hear the appeals again next month.

Stay up to date on all the latest Hyderabad news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp