Raju's bail plea hearing put off to January 16

HYDERABAD, INDIA: A Hyderabad court on Monday deferred the hearing on the bail petition of the disgraced former top brass of Satyam Computer Services to January 16.

As per the media reports, the court also adjourned the hearing on the petition of the Criminal Investigation Department (CID) seeking their custody and another petition by market regulator Securities and Exchange Board of India (SEBI) seeking permission to question them in connection with a Rs.70 billion ($1.43 billion) fraud.

After their surrender, Satyam’s founder and former chairman B. Ramalinga Raju, his brother and former managing director B. Rama Raju and former chief financial officer Vadlamani Srinivas were remanded in judicial custody till January 23 and are lodged in Chanchalguda Central prison. 

On the other hand, the three-member board appointed by the Government of India to bring back financial order in Satyam held a meeting at the company's headquarters in Hyderabad today. It is likely to announce the decisions in the meeting later in the day.

Meanwhile, N. R. Narayana Murthy - chairman and chief mentor of Infosys Technologies said that Infosys' decision not to act on any CVs received from Satyam’s employees is to ensure that nothing is done that will adversely impact Satyam’s future.

“At a time of crisis, it is important that the industry acts in a responsible and credible manner. We have stated our intention not to act on any CVs received from Satyam’s employees. This is to ensure that nothing is done that will adversely impact Satyam’s future. This is no reflection on the integrity and competence of Satyam’s employees. We respect them as professionals,” he said in a statement.