Satyam Case: Ramalinga Raju, Nine Others Released From Prison

Satyam Case: Ramalinga Raju, Nine Others Released From Prison

Hyderabad: Satyam Computers founder B Ramalinga Raju and nine others were on Wednesday released from the Cherlapally Central Prison here after a city court suspended their sentence in the multi-crore rupee accounting fraud case and granted them bail two days ago.

The Metropolitan Sessions Court, on May 11, suspended seven-year rigorous imprisonment awarded to Raju and others in the Satyam case, known as one of the biggest corporate frauds in India.

Their lawyers on Wednesday furnished sureties and required documents besides undertakings to pay one tenth of the fine amount and not to seek any further adjournments (during the hearing of their appeals in the sessions court) before the trial court as per the bail order.

After this they obtained release orders, which were submitted to the prison authorities.

Raju and his brother, former managing director of Satyam B Rama Raju, were granted bail on the condition that they furnish personal bonds of Rs 1 lakh 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 the bail on execution of personal bonds of Rs 50,000 and two sureties of the like sum each.

They too have to pay one tenth of the fine amount imposed by the trial court.

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

On April 9, the Additional Chief Metropolitan Magistrate's Court convicted Raju and others for criminal conspiracy and cheating, among other offences. Apart from awarding seven years' RI to all of them, it also imposed Rs 5.35 crore fine on Raju and Rama Raju, and that of Rs 25 lakh each on others.

Following the conviction, Raju and others were lodged in Cherlapally Prison on April 9. They had earlier spent nearly 33 months in the jail during the investigation and trial.