Satyams Raju misusing bail: Gland

Disgraced Satyam ex-boss Ramalinga Raju,freed from jail,is creating another scandal.

Alleging that disgraced Satyam founder Ramalinga Raju is misusing his release on bail in July 2010,the CBI today placed on record a complaint received from a private company that Raju is putting pressure on it since August to co-operate in the sale of Rs 26.03-crore worth of his shares in violation of a specific ban levied by multiple probe agencies on any transaction of his assets.

The CBI annexed the complaint from Hyderabad-based Gland Pharma in an affidavit filed before a Bench led by Justice Dalveer Bhandari,which is hearing the agencys appeal against the Andhra Pradesh High Court decision on July 20,2010 to grant Raju and several of his co-accused,including his brother,bail primarily on medical grounds.

The affidavit includes a statement by the companys director B Narasimha Rao that Raju and his family members through five investment companies and 10 front companies acquired 39.43 lakhs equity shares of the company for a value of Rs 26.03 crores during the period from June 2000 to April 2006. After the scam was exposed,the company had received orders from both the Enforcement Directorate and the CBI to not release,transact or mortgage any of the shares which constituted 60 per cent of the companys holdings. But Rao states that Raju has already finalised a deal to sell his own and his familys shares in the company in August 2010 just a month after his release on bail by the high court.

I further state that in August-September there were about five letters on various matters pressurising Sri PVN Raju the companys promoter to agree to his proposals. I further state that in view of the directions/letters from the ED and CBI not to transfer the share holding of B Ramalinga Raju and his family,Gland Pharma is taking all feasible steps to prevent the transfer of their share holding, Rao said on record.

Contending that the statement was a clincher to show that Raju has been misusing his liberty subsequent to his bail,Additional Advocate General Harin Raval,representing the CBI,contended that the Gland Pharma shares were bought with the money which was the proceeds of the crime.