The CBI has expressed doubts about the medical reports submitted by the Nizams Institute of Medical Sciences on the Satyam prime accused, Mr B. Ramalinga Raju, and has sought an independent opinion by a panel of doctors on his health condition.
The investigation agency filed a memo making this request in the 21st Additional Chief Metropolitan Magistrate court that is now hearing the Satyam case.
“His condition is not as bad as being projected in the Nims reports,” said the CBI special counsel, Mr K. Surender. “We have filed a memo that Raju is meeting people at Nims but is not appearing in court. Another petition regarding video linkage between court and Nims is also pending,”
Following this, the court directed the NIMS authorities to file a fresh report on health condition of Mr Raju by July 1, clarifying whether he is fit to appear in the court. Raju has been admitted in NIMS since September 2009 and is reportedly undergoing treatment for Hepatitis C.
The CBI has been arguing that Raju’s refusal to appear is causing abnormal delay in the trial of the case. The court had earlier ordered for the clubbing of three charge-sheets in the case.
Showing posts with label Ramalinga Raju. Show all posts
Showing posts with label Ramalinga Raju. Show all posts
Wednesday, June 30, 2010
Sunday, June 20, 2010
Saudi Binladin to buy Maytas
Infrastructure Leasing & Financial Services Ltd (IL&FS), a Mumbai-based infrastructure company that acquired Maytas Infra from the Ramalinga Raju family, has set the stage for transferring ownership of the Hyderabad-based company to Saudi Binladin Group (SBG), a construction conglomerate run by Bakr Bin Laden, the half-brother of the world’s most wanted terrorist, Osama bin Laden.
The decision to induct the SBG, however, was formally taken by the Maytas Infra board on Saturday. According to the scheme approved by the IL&FS-dominated Maytas board, the company will issue 1,54,59,133 new shares — 20 per cent post-issue stake — to SBG Projects Investments Ltd, a Mauritius-based arm of SBG, for an undisclosed amount. The new investor will then have to make an open offer to buy an additional 20 per cent. If the open offer is successful, SBG will hold 40 per cent — the highest in the company — and can take over management from IL&FS.
IL&FS replaced the Rajus as promoter of Maytas Infra in September 2009 after it acquired a majority stake by taking over the Ramalinga Raju family’s shares, which were pledged with the institution.
The Raju family, according to sources, will sell its stake in the company after August, when the lock-in norms for the founding promoter’s stake end. According to sources in the company, the deal is worth around Rs 250 crores.
Currently, IL&FS has a 37 per cent in Maytas Infra while the Raju family still holds about 23 per cent. After the issue of shares to the SBG, IL&FS’ stake will be 30 per cent and the Raju family’s stake would fall to around 19 per cent.
This newspaper had reported in November about IL&FS’ plans to induct a strategic investor for infusing funds into Maytas Infra. IL&FS, essentially an infrastructure financing company, also intended to relinquish its management control over Maytas Infra and exit the company on profit.
The Raju family, according to sources, will sell its stake in the company after August, when the lock-in norms for the founding promoter’s stake end.
According to sources in the company, the deal is worth around Rs 250 crores.
The decision to induct the SBG, however, was formally taken by the Maytas Infra board on Saturday. According to the scheme approved by the IL&FS-dominated Maytas board, the company will issue 1,54,59,133 new shares — 20 per cent post-issue stake — to SBG Projects Investments Ltd, a Mauritius-based arm of SBG, for an undisclosed amount. The new investor will then have to make an open offer to buy an additional 20 per cent. If the open offer is successful, SBG will hold 40 per cent — the highest in the company — and can take over management from IL&FS.
IL&FS replaced the Rajus as promoter of Maytas Infra in September 2009 after it acquired a majority stake by taking over the Ramalinga Raju family’s shares, which were pledged with the institution.
The Raju family, according to sources, will sell its stake in the company after August, when the lock-in norms for the founding promoter’s stake end. According to sources in the company, the deal is worth around Rs 250 crores.
Currently, IL&FS has a 37 per cent in Maytas Infra while the Raju family still holds about 23 per cent. After the issue of shares to the SBG, IL&FS’ stake will be 30 per cent and the Raju family’s stake would fall to around 19 per cent.
This newspaper had reported in November about IL&FS’ plans to induct a strategic investor for infusing funds into Maytas Infra. IL&FS, essentially an infrastructure financing company, also intended to relinquish its management control over Maytas Infra and exit the company on profit.
The Raju family, according to sources, will sell its stake in the company after August, when the lock-in norms for the founding promoter’s stake end.
According to sources in the company, the deal is worth around Rs 250 crores.
Wednesday, March 17, 2010
Supreme Court rejects Ramalinga Raju's bail plea
The Supreme Court on Monday dismissed as withdrawn the bail application of Satyam Computers founder B. Ramalinga Raju, accused in the multi-crore financial fraud in the company.
A three-judge Bench of Chief Justice K.G. Balakrishnan, Justice Deepak Verma and Justice B.S. Chauhan asked the petitioner to move the court after the examination of key witnesses.
When senior counsel T.R. Andhyarujina, appearing for Mr. Raju submitted that the petitioner had been in jail since January last and it would take a long time for the completion of trial in view of voluminous documents running into 1.60 lakh pages, and 671 witnesses, the CJI told counsel: “When serious crimes are committed, people are bound to be in jail. He [Raju] is the main accused and the allegation is he would influence the witnesses. You move the court after [the] examination of [the] main witnesses.”
When counsel pointed out that another accused had been granted bail in the same case, the CJI said: “The auditor was not the main accused.” When counsel said the petitioner was suffering from serious ailments like cardiac problem and hepatitis, Mr. Justice Verma said he was getting proper medical treatment in jail.
Mr. Raju had filed this appeal against the Andhra Pradesh High Court order rejecting his bail plea. He said he was willing to abide by any conditions imposed by the court for his release.
He said the investigation in the case had been completed and a charge sheet was also filed and hence there was no need for further judicial custody.
Mr. Raju was arrested in January 2009 after his confession of fudging accounts in what was dubbed as the biggest corporate accounting fraud in the country. He has been under judicial custody.
A three-judge Bench of Chief Justice K.G. Balakrishnan, Justice Deepak Verma and Justice B.S. Chauhan asked the petitioner to move the court after the examination of key witnesses.
When senior counsel T.R. Andhyarujina, appearing for Mr. Raju submitted that the petitioner had been in jail since January last and it would take a long time for the completion of trial in view of voluminous documents running into 1.60 lakh pages, and 671 witnesses, the CJI told counsel: “When serious crimes are committed, people are bound to be in jail. He [Raju] is the main accused and the allegation is he would influence the witnesses. You move the court after [the] examination of [the] main witnesses.”
When counsel pointed out that another accused had been granted bail in the same case, the CJI said: “The auditor was not the main accused.” When counsel said the petitioner was suffering from serious ailments like cardiac problem and hepatitis, Mr. Justice Verma said he was getting proper medical treatment in jail.
Mr. Raju had filed this appeal against the Andhra Pradesh High Court order rejecting his bail plea. He said he was willing to abide by any conditions imposed by the court for his release.
He said the investigation in the case had been completed and a charge sheet was also filed and hence there was no need for further judicial custody.
Mr. Raju was arrested in January 2009 after his confession of fudging accounts in what was dubbed as the biggest corporate accounting fraud in the country. He has been under judicial custody.
Monday, March 15, 2010
SC refuses bail to Satyam Raju
The Supreme Court on Monday dismissed the bail application of disgraced Satyam founder, Ramalinga Raju, the main accused in a multi-crore fraud case.
"When serious crimes are committed, people are bound to be in jail," a bench headed by Chief Justice K.G. Balakrishnan observed.
"When serious crimes are committed, people are bound to be in jail," a bench headed by Chief Justice K.G. Balakrishnan observed.
Friday, March 12, 2010
Satyam case: CBI questions correctness of NIMS letter
The Central Bureau of Investigation (CBI) has found the Nizam's Institute of Medical Sciences (NIMS) lacking in giving a correct picture about the health condition of former Satyam Computers chairman B. Ramalinga Raju who continues to abstain from court proceedings of the company.
A special court here which perused a letter received from NIMS where Mr. Raju is undergoing treatment for Hepatitis-C infection on Thursday asked the CBI to explore alternatives to commence the trial in the Satyam Computers fraud since the hospital had stated he could not be shifted from hospital for another four to six weeks. The court directed the CBI to explain on March 18 the legal position as to how the agency wished to go ahead with prosecution under the circumstances.
NIMS authorities informed the court that Mr. Raju required a further four to six weeks to recover from the side effects of treatment. It was not advisable to take him outside the hospital as he ran a high risk of contacting severe infection due to “much below normal white blood corpuscle count.”
The prosecution, however, challenged the correctness of the letter stating that the hospital had recommended six to eight weeks of in-patient treatment for Mr. Raju when he was admitted early December. After three-and-a-half months, an extension of stay was sought with the sole aim to delay the trial.
CBI counsel Balla Ravindranath argued that the health condition of Mr. Raju was not bad as not to shift him to court.
Two charge-sheets
The court which is set to examine all the accused in the case for allegations mentioned against them in two separate charge-sheets also posted for March 18 the petition of Mahindra Satyam (new company) management to unlock record rooms that were sealed by the CBI.
A special court here which perused a letter received from NIMS where Mr. Raju is undergoing treatment for Hepatitis-C infection on Thursday asked the CBI to explore alternatives to commence the trial in the Satyam Computers fraud since the hospital had stated he could not be shifted from hospital for another four to six weeks. The court directed the CBI to explain on March 18 the legal position as to how the agency wished to go ahead with prosecution under the circumstances.
NIMS authorities informed the court that Mr. Raju required a further four to six weeks to recover from the side effects of treatment. It was not advisable to take him outside the hospital as he ran a high risk of contacting severe infection due to “much below normal white blood corpuscle count.”
The prosecution, however, challenged the correctness of the letter stating that the hospital had recommended six to eight weeks of in-patient treatment for Mr. Raju when he was admitted early December. After three-and-a-half months, an extension of stay was sought with the sole aim to delay the trial.
CBI counsel Balla Ravindranath argued that the health condition of Mr. Raju was not bad as not to shift him to court.
Two charge-sheets
The court which is set to examine all the accused in the case for allegations mentioned against them in two separate charge-sheets also posted for March 18 the petition of Mahindra Satyam (new company) management to unlock record rooms that were sealed by the CBI.
