SEBI team starts quizzing Raju

After getting Supreme Court nod to interrogate the former Satyam Chairman B Ramalinga Raju and his brother and former Managing Director B Rama Raju in connection with the Rs.7,800-crore financial scam, the stock market watch dog SEBI has finally started quizzing both in the presence of Hyderabad jail officials.

The apex court on Tuesday allowed the Securities and Exchange Board of India to question the founder of Satyam Computers over three days.

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SEBI had moved to the SC seeking permission for the interrogation after getting refusal from the Hyderabad trial court last Saturday.

A bench comprising Chief Justice K G Balakrishnan and Justice P Sathasivam approved the plea of the regulator to quiz Raju brothers, however, rejected SEBI’s demand to inquire Satyam's former Chief Financial Officer (CFO) Srinivas Vadlamani, who was also arrested in the same fraudulent case.

Sunil Kumar, General Secretary of SEBI, has been appointed as the investigating officer to grill the tainted brothers at the Hyderabad jail.

After the unearthing of India’s biggest financial fraud on January 07, SEBI constituted a probe team and issued summon to Ramalinga Raju on January 09 asking him to present before the investigating team of market regulator for facing enquiry.

But, instead of appearing before the team, Raju’s lawyers took an adjournment until January 10 and surrendered himself before the police on January 9 evening. Till then, SEBI could not get a chance to quiz him as the matter was under Andhra Pradesh CID.