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.