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Sebi to question Raju a second time

Market regulator SEBI is likely to question Satyam founder B Ramalinga Raju, who is out on bail in the multi-crore rupee accounting fraud case, for a second time.

twitter-logo PTI   Hyderabad     Last Updated: September 14, 2010  | 13:23 IST

Market regulator Securities and Exchange Board of India (Sebi) is likely to question Satyam founder B Ramalinga Raju, out on bail in the multi-crore accounting fraud case, for a second time.

Raju had received around three months ago a notice from Sebi ordering him to give explanations pertaining to Satyam Computers accounts and other related issues.

Raju reportedly cited his inability to appear before th regulator, as he was under judicial custody when the notice was issued three months ago.

"That (notice) was before Raju was granted bail by the Andhra Pradesh High Court. He has been undergoing treatment in NIMS and he does not have records with him. So we requested three months time to answer Sebi queries," Raju's counsel, Bharat Kumar, told PTI.

He, however, refused to give more details on when Raju is likely to appear before the market regulator with answers.

"We will have to study lot of documents," is all that he said.

Soon after Raju was arrested in January last year, Sebi questioned him in prison for the first time after the Rs 14,000-crore scam came to light.

Raju and other nine accused were granted bail by different courts on different occasions. Though the AP High Court granted bail to Raju, he continued to be in the Nizam Institute of Medical Sciences, where he has been undergoing treatment for Hepatitis-C since December last year.

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