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Bail plea of Satyam auditors rejected again

Special Correspondent

HYDERABAD: A sessions court here on Monday dismissed the bail applications of Satyam Computer auditors S. Gopalakrishnan and Srinivas Talluri. This was the sixth time that their bail plea was rejected; four times in the trial court and twice in the sessions court. On yet another occasion, the petitioners withdrew their application. The Seventh Additional Metropolitan Sessions Judge G. Radha Rani noted in her order that the auditors could not be bailed out at this stage as investigation into Satyam fraud was in progress. The investigating agency was looking into illegal diversion of funds by the firm . She also stated that the auditors certified the balance sheets of Satyam, knowing fully well that the figures were inflated.

They divested their responsibility towards shareholders. The prosecution had opposed bail on the ground that the auditors were influential persons and most of the witnesses to be examined were their sub-staff. It brought to the notice of the court that the auditors certified the balance sheets under the stamp and seal of Price Waterhouse, Hyderabad, instead of Price Waterhouse Coopers, Bangalore, where they held the membership.

Thus, they violated the rules of the Institute of Chartered Accountants of India.

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