The XXI Additional Chief Metropolitan Magistrate on Thursday rejected the bail petition filed by former Satyam Computers chairman B Ramalinga Raju and 7 others.
Raju and his co-accused had applied for bail, stating that the trial was not completed by July 31.
The Supreme Court had earlier given the accused in the sensational Satyam fraud scam the option to file a bail plea only after July 31, if the trial is not completed by the local court by this time.
The Court rejected the bail plea of the accused after the CBI argued that there has been no change in circumstances.
Raju's counsel, however, contended that the circumstances have, indeed, changed.
He added said that his client's good behaviour and his willingness to cooperate with the investigative authorities must also be taken account and bail be granted to him.
However, the CBI argued that once bail is granted, the accused can tamper with the evidence and try to influence the witnesses.
Raju's brother and former Satyam Computers managing director B Rama Raju had also applied for bail on Tuesday.
Raju and his co-accused have been languishing behind bars since November last year, after the Supreme Court had cancelled the bail granted to them by the High Court. (INN)