Citing technical grounds a Hyderabad court on Friday rejected market regulator Securities and Exchange Board of India's (Sebi) plea to interrogate Satyam founder Ramalinga Raju and his brother Rama Raju, while refusing to entertain a similar petition filed by the Serious Fraud Investigation Office (SFIO).
The 6th additional chief metropolitan magistrate rejected Sebi's plea for taking the Raju brothers into custody for a day as "not maintainable."
The petition filed by SFIO seeking six days custody of Ramalinga and Satyam's former CFO Vadlamani Srinivas was rejected as the agency had failed to mention the relevant law under which the custody was sought, say media reports.
The court, reportedly, directed the SFIO counsel to file a fresh application.
The three were, meanwhile, sent to judicial remand till January 31.
Rama Raju was sent back to judicial custody earlier.
Ramalinga Raju and Srinivas were sent to judicial remand after they were produced in the court this evening after five days in police custody.
The court has scheduled a hearing of Ramalinga Raju and Srinivas bail applications on January 27, Rama Raju’s bail plea would be heard on January 28.
Public prosecutor K Ajay Kumar had opposed Ramalinga Raju's bail plea, contending that he was supposed to be a watchdog of public money, but betrayed the trust by fudging accounts.
"The crime he (Ramalinga Raju) committed was grave and heinous," he said.
The Rajus were arrested on January 9 and Srinivas on January 10 and have been inaccessible to the Sebi and SFIO investigation teams, which have been camping in Hyderabad since January 8.
Ramalinga Raju had disclosed a Rs 7,800 crore accounting fraud in his company on January 7.
(With inputs from PTI)
The 6th additional chief metropolitan magistrate rejected Sebi's plea for taking the Raju brothers into custody for a day as "not maintainable."
The petition filed by SFIO seeking six days custody of Ramalinga and Satyam's former CFO Vadlamani Srinivas was rejected as the agency had failed to mention the relevant law under which the custody was sought, say media reports.
The court, reportedly, directed the SFIO counsel to file a fresh application.
The three were, meanwhile, sent to judicial remand till January 31.
Rama Raju was sent back to judicial custody earlier.
Ramalinga Raju and Srinivas were sent to judicial remand after they were produced in the court this evening after five days in police custody.
The court has scheduled a hearing of Ramalinga Raju and Srinivas bail applications on January 27, Rama Raju’s bail plea would be heard on January 28.
Public prosecutor K Ajay Kumar had opposed Ramalinga Raju's bail plea, contending that he was supposed to be a watchdog of public money, but betrayed the trust by fudging accounts.
"The crime he (Ramalinga Raju) committed was grave and heinous," he said.
The Rajus were arrested on January 9 and Srinivas on January 10 and have been inaccessible to the Sebi and SFIO investigation teams, which have been camping in Hyderabad since January 8.
Ramalinga Raju had disclosed a Rs 7,800 crore accounting fraud in his company on January 7.
(With inputs from PTI)
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