Satyam case- Supreme Court cancels bail to Raju

The Supreme Court today cancelled the bails granted to Satyam Computer founder B Ramalinga Raju, his brother B Rama Raju and four others by the Andhra Pradesh High Court in the Rs 14,000-crore accounting fraud. Hearing the CBI plea, a Supreme Court bench comprising Justices Dalveer Bhandari and Deepak Verma today cancelled the bails and asked all six persons to surrender by November 8.

Observing that the case involved the biggest scam in the history of India, which had affected large number of shareholders, banks and financial institutions, the bench said that the High Court order of grating bail cannot be sustained.

The SC also directed the special court in Hyderabad, which is conducting the trial in the Satyam case, to conclude its proceedings by July 2011.