Satyam boss Raju's bail cancelled
- 26 October 2010
- From the section South Asia
India's Supreme Court has cancelled the bail of Ramalinga Raju, the founder of software services giant Satyam Computers, who is accused of staging India's biggest corporate fraud.
The court has ordered him to surrender by 8 November.
In August, a court in the southern city of Hyderabad granted bail to him, his brother and four Satyam employees.
Mr Raju, who was arrested last January, and eight others are alleged to have stolen millions of dollars from Satyam.
He faces charges including conspiracy, cheating and forgery, and admitted in January last year to years of accounting malpractice.
The prosecution agency - the Central Bureau of Investigation (CBI) - appealed against the Hyderabad court order in September, contending that Mr Raju could influence the witnesses in the case, reports The Times of India.
"He is a very influential man and can influence the witnesses. So we approached the court to cancel his bail," the newspaper quoted deputy inspector general of police VV Lakshmi Narayana, who is heading the CBI team investigating the case, as saying.
Mr Raju spent nearly a year in hospital where he was being treated for hepatitis.
Satyam was one of the biggest players in the booming Indian IT software market. An Indian firm, Tech Mahindra, bought a controlling stake in the IT company in April 2009.