Supreme rejects Satyam Raju extension

The Supreme Court on Tuesday refused to grant more time to former Satyam Computers chairman B Ramalinga Raju to surrender in the multi-crore accounting fraud in the IT major.

Raju’s bail had earlier been cancelled by the Supreme Court and he had been ordered to surrender by November 10. Raju had then filed a petition through his counsel, seeking extension on the deadline set by the Court. The Satyam Computers founder had cited ill health and ongoing family settlement as the reasons for extension of the deadline.

A bench comprising Justices Dalveer Bhandari and Deepak Verma heard Raju’s petition on Tuesday.

Raju was released from jail on August 18 after the state High Court granted him bail. All the other co-accused had earlier been granted bail by various Courts at different times.

Raju and his co-accused are undergoing trial for fudging the company’s accounts to the tune of Rs 14,000 crore. The accounting fraud is believed to be the biggest such fraud in the country’s corporate history.

It came to light when Raju admitted to fudging the up company's account books for years, in January 2009. Raju was arrested on January 9, 2009.