APRIL 9, 2009. ET
NEW DELHI -- An Indian court Thursday denied bail to two former auditors of Satyam Computer Services Ltd., said a lawyer representing the federal agency investigating the accounting issues at the company.
The bail applications were rejected by the Metropolitan Magistrate Court in Hyderabad, according to Balla Ravindranath, lawyer for the Central Bureau of Investigation.
Indian police had in January arrested S. Gopalakrishnan and Srinivas Taluri -- partners at Price Waterhouse -- in connection with the Satyam issue. The accounting firm, an Indian affiliate of PricewaterhouseCoopers, then suspended the two. Mr. Gopalakrishnan has since retired.
In a statement, Pricewaterhouse expressed disappointment over the bail denial.
"The two partners, who are committed to cooperating with all investigating authorities, have now been held in custody for over 10 weeks," according to the statement. "During this time, the partners have consistently denied any criminal wrongdoing."
Hyderabad-based Satyam plunged into turmoil after founder and then-chairman B. Ramalinga Raju said in January he had overstated the company's profit and revenue and created a fictitious cash balance of more than $1 billion.
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