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 10th. 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 18th after the state High Court granted him bail. All the other co-accused had been granted bails earlier 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.
The fraud came to light when Raju admitted to fudging up the company's account books for years in January 2009. Raju was arrested on January 9th, 2009.
Courtesy: INN