Hearing on Ramalinga Raju's bail plea postponed

The state High Court on Thursday postponed hearing on a bail application of main accused B Ramalinga Raju in the Satyam accounting fraud case till August 12.

Ramalinga Raju, who is undergoing treatment for Hepatitis C at the Nizam’s Institute of Medical Sciences, had applied for bail after the Court had ordered the release of five accused in the case, including his brother Rama Raju, former chief financial officer Vadlamani Srinivas, G Ramakrishna, Venkatapati Raju and Ch Srisailam on July 20 this year.

Ramalinga Raju was the founder of the firm when it collapsed after he accepted that he had fudged accounts to the tune of crores of rupees.

Except for main accused Ramalinga Raju, nine of the ten accused have been granted bail so far by various Courts on separate occasions.

The High Court had last month granted bail to former Pricewaterhouse Cooper auditor S Gopalakrishna and internal auditor Prabhakar Gupta, while in February this year, Srinivas Talluri, also a PwC auditor, had been granted bail.

In March 2009, Ramalinga Raju’s another brother Suryanarayana Raju had been granted anticipatory bail.Ramalinga Raju’s bail plea had also been rejected bail by the High Court in June.

Ramalinga Raju is presently undergoing treatment at the Nizam’s Institute of Medical Science for Hepatitis C.