All the 10 people including B Ramalinga Raju and his brother B Rama Raju have been granted bail in the multi-crore Satyam Computer Services Ltd (SCSL) accounting fraud case subject to certain conditions by the Metropolitan Sessions Court in Hyderabad.
Ramalinga and his brother have been ordered to pay Rs 1 lakh in personal bond, and the other 8 accused will have to pay Rs 50,000 in personal bond. All accused will have to pay 10 per cent of their fine amount within four weeks which was imposed on them by the trial court while sentencing them.
The special Central Bureau of Investigation (CBI) court of judge BVLN Chakravarthi had slapped a fine of Rs 5 crore on Raju and his brother and Satyam's former Managing Director B Rama Raju, who will also serve a seven-year jail term. The other eight convicts were also been sent to seven years in jail and slapped a fine of Rs 25 lakh each.
On Friday, the court deferred the verdict on an application filed by the 10 convicts seeking suspension of their sentence and revocation of fines imposed in the multi-crore accounting fraud case.
All the 10 were pronounced guilty on April 9 in one of the biggest corporate scandals involving an Indian company.
Besides Ramalinga Raju, who was the founder-chairman of the company, the other convicts are his brother B Rama Raju, former chief financial officer Vadlamani Srinivas, former PwC auditors Subramani Gopalakrishnan and T Srinivas, Raju's another brother B Suryanarayana Raju, former employees G Ramakrishna, D Venkatpathi Raju and Ch Srisailam and Satyam's former internal chief auditor VS Prabhakar Gupta.
The case had rocked India Inc and led to a massive upheaval in the software and Information Technology Enabled Service (ITES) industry in the country was investigated by the Central Bureau of Investigation.
B Ramalinga Raju, one of the pioneers in the industry and Satyam's founder and then chairman, confessed to manipulating his company's account books and inflating profits over many years to the tune of crores of rupees. The confession sent shockwaves across the industry.