TALLURI SRINIVAS Vs. STATE

JUDGEMENT

(1.) WHETHER to grant bail or not to an accused involved in a case of serious nature of offence has been the question bothering the Judiciary quite often. The liberty of the individual and prolonged judicial custody on one side and the magnitude of the offence, its impact on society and the apprehension of the prosecution that the accused who are powerful and influential may win over the witnesses or tamper the prosecution evidence are certain of the important issues which may arise for consideration while deciding bail applications.

(2.) THE brief facts of the case are as follows: m/s. Satyam Computer Services Limited was initially registered as Satyam Computer Services private Limited under the Companies Act, 1956 with the Registrar of Companies, Andhra Pradesh, Hyderabad on 24th June, 1987. Its name was changed as M/s. Satyam Computer Services Limited and a fresh certificate of incorporation consequent on change of name was issued by the Registrar of Companies on 26th august 1991 and Certificate No. 01-07564 was allotted to Satyam Computer Services limited. The Satyam Computers Services limited (hereinafter referred as 'satyam computers' ). The Satyam Computers, thus, became a public limited company since 26th august 1991 and went to public in the year 1991 by giving shares to the public to the tune of 81. 22%, as such the promoters share holding as on 1992 was 18. 78%. The 1st accused B. Ramalinga Raju in his letter dated 7th January 2009 addressed to the board of Directors confessed that the balance-sheet carries as on September 30, 2008 inflated (non-existent) cash and bank balances of Rs. 5040 crores (as against rs. 5,361/- crores reflected in the books), an accrued interest of Rs. 376 crores which is non-existent, an understated liability of rs. 1,230 crores on account of funds arranged by him and an overstated debtors position of

(3.) THE investigation has revealed the following actual position with regard to the cash and bank balances i. e. , balances available in the current accounts with various banks and cash available in deposit accounts (FDRs)over the years as shown in the table below. Year actual cash balances in current accounts in Rs. Actual cash available in FDRs in Rs. Actual cash and bank balances of M/s. SCSL in Rs. (a) (b) (a +b)2000-2001 2001-2002 2002-2003 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 Q1-2008 Q2-200827,04,39,571 34,47,45,246 63,87,39,890 49,50,36,709 75,90,77,580 69,32,12,316 172,12,69,119 127,39,26,262 108,39,06,125 128,96,15,132 66,668,10 38,58,80,629 25,93,00,044 22,71,23,856 11,91,31,346 111,92,25,747 57,45,14,792 9,36,14,910 10,39,56,736 10,82,07,532 27,71,06,381 73,06,25,875 89,80,39,934 72,21,60,565 87,82,08,926 181,24,38,063 229,57,30,911 136,75,41,172 118,78,62,861 139,78,22,664