Satyam chief Raju will appear before SEBI Saturday, says lawyer

HYDERABAD - Disgraced Satyam chief B. Ramalinga Raju will appear before market watchdog Securities and Exchange Board of India (SEBI) at 4 p.m. Saturday to answer the summons served on him in connection with a Rs.70-billion accounting fraud, his lawyer confirmed Friday.

Raju’s lawyer S. Bharat Kumar said Raju, whose whereabouts were not known since his shocking admission Wednesday of the massive financial fraud, would appear before SEBI officials Saturday.

‘Mr Ramalinga Raju is very much in Hyderabad but he has some health problems. He will appear for the hearing tomorrow,’ Kumar said.

A team of SEBI officials served the summons at Raju’s residence in the upmarket Jubilee Hills Friday. Raju or his family members were not available.