This Article is From May 12, 2015

Satyam Case: Raju, Others May be Released on Wednesday

Satyam Case: Raju, Others May be Released on Wednesday

Hyderabad: Satyam Computers founder B Ramalinga Raju and nine others are expected to be released from the Cherlapally Central Prison here on Wednesday, as the prison authorities did not receive the bail order on Tuesday.

A metropolitan sessions judge on Monday suspended seven-year rigorous imprisonment sentence awarded to Raju and others in the Satyam case, known as one of the biggest corporate frauds in India.

Raju's lawyer said the bail order could not be submitted to the 21st additional chief metropolitan magistrate's court (which had tried the case) today, so Raju and others are likely to walk out of jail by tomorrow evening.

"Bail orders were not yet received," said a senior prison official.

Raju and his brother and former managing director of Satyam, B Rama Raju, were granted bail on the condition that they furnish personal bonds of Rs 1 lakh each and two sureties of the like sum. They are also to deposit one tenth of the fine amount within four weeks from the date of release.

In the case of other eight convicts, the court granted them bail on execution of personal bonds of Rs 50,000 each and two sureties of the like sum each.

They too have to pay one tenth of the fine amount.

Raju and others have filed appeals in the sessions court, challenging the conviction by the trial court in the over Rs 7,000-crore scandal which came to light in 2009.

On April 9, the ACMM court, which tried the Satyam case probed by CBI, convicted Raju and others for criminal conspiracy and cheating, among other offences.

It also imposed Rs 5.35 crore fine on Raju and Rama Raju, while others were fined Rs 25 lakh each.