SEBI asks Raju's brother, 2 others to file replies by Oct 30

MUMBAI: Market regulator SEBI today asked R Rama Raju, brother of Satyam founder B Ramalinga Raju, and two others to reply by end of the month

to the show cause notices issued to them in connection with the multi-crore accounting fraud case in the IT company.

SEBI has also allowed Rama Raju and others, including Vadlamani Srinivas and G Ramakrishna, to inspect the documents available with the regulator on October 14 and has fixed the date for personal hearing on November 7.

Other accused persons, Ramalinga Raju and V S Prabhakara Gupta, had earlier sought adjournment of the hearing.

SEBI allowed the persons involved in the Satyam case to inspect the documents following submissions by the counsels that their clients were in jail and had no access to records of company, necessary for responding to show cause notices issued by the regulator.

While Srinivas was the chief financial officer of the Satyam Computer Services, Ramakrishna functioned as cost accountant. Gupta too has been associated with the company.

SEBI had issued show cause notices to various persons involved in the Satyam fraud case which came to light after admission of fudging of accounts by its disgraced founder Ramalinga Raju in January.

Besides SEBI, the scam is also probed by Serious Fraud Investigation Office and CBI.