Metropolitan Sessions Court here on Monday granted bail to all the 10 convicts, including B Ramalinga Raju and his brother B Rama Raju, in the Satyam Computer Services Ltd (SCSL) accounting fraud case.
It may be mentioned here that on Friday, the court deferred the verdict on an application filed by the convicts seeking suspension of their sentence and revocation of fines imposed in the multi-crore accounting fraud case. Ramalinga and his brother have been ordered to pay Rs 1 lakh in personal bond, and the other eight accused will have to pay Rs 50,000 in personal bond. All accused will have to pay 10 per cent of their fine amount within four weeks.
B Ramalinga Raju, one of the pioneers in the industry and Satyam’s founder and then chairman, allegedly confessed to manipulating his company’s account books and inflating profits over many years to the tune of crores of rupees. The confession sent shockwaves across the industry. (NSS)