ibnlive » Business

Jan 08, 2009 at 06:30pm IST

Raju in Hyderabad, won't flee: lawyer | BSE to drop Satyam

Hyderabad: Beleaguered former Satyam Computer founder-chairman B Ramalinga Raju is in Hyderabad and has no intention to avoid the process of law, said his lawyer on Thursday.

“My client B Ramalinga Raju is very much available in Hyderabad. He denies reports appearing in a section of media that he is absconding or has fled from the country,” said S Bharat Kumar in a statement.

Kumar said Raju engaged his services to represent him in the legal matters pertaining to his statement to the Satyam board on Wednesday.

RAJU UNDERGROUND: Ramalinga Raju has not been seen in public after his resignation.

“Under instructions from my client, I communicate that Raju had made it very clear that he was prepared to subject himself to the law of the land and face consequences arising thereof. Should the need arise, Raju will make himself available for probe or any legal process by the agencies of the government," the statement said.

“At the cost of reiteration, I make it clear that Raju has no intention to avoid the process of law,” Kumar added.

Raju became incommunicado after sending a letter to Satyam board on Wednesday morning, and confusion prevailed after a TV channel reported that he had left either for the US or Dubai.

Raju is believed to have met nobody in the last two days. It is also possible that he might have handed over his letter to company officials before becoming incommunicado.

The Hyderabad police are reportedly trying to find Raju's whereabouts.

The Andhra Pradesh government has ordered a probe by crime branch. Police Commissioner B. Prasada Rao Wednesday said the police would act only if a shareholder or regulator lodges a complaint against Raju.

Some police teams were also sent to Satyam offices in the city to trace him but were unsuccessful.

A team of officials from market regulator SEBI (Securities and Exchange Board of India) arrives here Thursday to begin a probe amid speculation that police might arrest Raju after he confessed to Rs.7,000-crore fraud on Wednesday.

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