In A Reuters report says that India's Supreme granted bail to Ramalinga Raju, founder and former chairman of IT services firm Satyam Computer Services after the federal investigative agency failed to file charges in time. Financial irregularities involved in the case are said to be worth $1.5 billion - the largest such case in India.
As per Indian law, CBI needs to file a chargesheet against the accused within 90 days of his arrest.
Even though the case surfaced way back in January 2009, a lower Hyderabad court inially granted bail to Raju. But when the apex court cancelled it, Raju surrendered to a court in South India in November 2010.
While Raju's fate has been hanging in balance, the firm, Satyam, was sold to another Indian IT company, Tech Mahindra in April 2010. The joint entity was later renamed as Mahindra Satyam.
Ever since, there have been attempts to revive and boost its fortunes in a market where even biggies like Infosys and TCS are struggling to regain their glory days.
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