The Supreme Court on Monday asked B Rama Raju and four others, who were asset key positions in Satyam when the Rs 7,000 crore scam came to light, to show the reason why their bail be not cancelled.
A Bench comprising Justices Dalveer Bhandari and Deepak Verma asked them to file reply to the CBI's special leave appeal within two weeks. The CBI has challenged the bail granted to V Srinivas, G Ramakrishna, D Venkatapathy Raju and Ch Srisailam, who were all accused in the Rs 7,000 crore Satyam scam. They were decided bail by High court on the ground that there was no possibility of early completion of trial.
Assuring the apex court that the trial was likely to be completed within six months, solicitor general Gopal Subramaniam alleged all these persons including Rama Raju were the ones who truly forged the annual financial statements of the company to artificially jack up the share prices of Satyam.
Gopal Subramaniam said they were liable for forging bank statements about finances to show that there was huge balance in the company's accounts. The agency renowned their cases from that of Talluri Sirnivas, who was granted, bail by the apex court on February 4.
The CBI said it was a case based on documents and the evidence to expose the crime came mainly from employees of Satyam who were recruited by these accused and that "most of the witnesses were appointed by these accused and hence they may not come forward to topple against them, in case they were released on bail.
CBI said the HC was informed that investigations are going on in two critical areas and letters rogatory in this regard to US, UK, Belgium and two other countries were also sent and that steps are being taken to make sure that tryout is not in any way hampered.
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