NEW DELHI: In the 14-year-old Satyam Computer Services case, markets watchdog Sebi has directed the erstwhile firm’s founder B Ramalinga Raju, 4 people and an entity to disgorge unlawful gains worth over Rs 624 crore.
Sebi has additionally barred Ramalinga Raju and Rama Raju from the securities markets for almost five years however the instructions shall be topic to the Supreme Court’s choice on the pending appeals filed by the 2 people.
The rip-off at Satyam Computer Services got here to gentle on January 7, 2009, when Ramalinga Raju, then the corporate’s Chairman, admitted to manipulating the corporate’s accounts. Sebi’s probe additionally revealed that the people traded within the firm’s shares throughout the interval from January 2001 to December 2008 when in possession of unpublished value delicate details about the agency’s opposed monetary place.
In a 96-page order, dated November 30, Sebi directed Ramalinga Raju, Rama Raju, B Suryanarayan Raju, V Srinivas, G Ramakrishna and SRSR Holdings to disgorge the unlawful gains totalling Rs 624.09 crore.
The quantity has to be paid together with an annual curiosity of 12 per cent from January 7, 2009 until the date of cost, in accordance to the Securities and Exchange Board of India (Sebi).
Sebi’s newest order got here after the Securities Appellate Tribunal (SAT), in June this yr, requested the regulator to cross a recent order on or earlier than November 30.
In February this yr, SAT put aside two orders by Sebi in October and November 2018 within the case with respect to calculation of the unlawful gains and sure different features.
“I find that imposition of simple interest on illegal gains at the rate of 12 per cent from January 07, 2009 till date of payment, is neither arbitrary nor excessive by any standard.
“On the opposite it’s imposed judiciously within the information and circumstances of this case and is in keeping with previous precedents,” Sebi Whole Time Member Ananth Narayan G said in the order on November 30.
According to the latest order, Ramalinga Raju, Rama Raju, V Srinivas and G Ramakrishna shall continue to remain under restraint as directed by the Supreme Court till appeals in the case are decided.
Ramalinga Raju and Rama Raju have been barred from the securities market till July 14, 2028, as per the latest order.
“Directions of restraint/debarment handed on this order shall be topic to any path by the Hon’ble Supreme Court within the aforesaid appeals,” Sebi stated.
Sebi has additionally barred Ramalinga Raju and Rama Raju from the securities markets for almost five years however the instructions shall be topic to the Supreme Court’s choice on the pending appeals filed by the 2 people.
The rip-off at Satyam Computer Services got here to gentle on January 7, 2009, when Ramalinga Raju, then the corporate’s Chairman, admitted to manipulating the corporate’s accounts. Sebi’s probe additionally revealed that the people traded within the firm’s shares throughout the interval from January 2001 to December 2008 when in possession of unpublished value delicate details about the agency’s opposed monetary place.
In a 96-page order, dated November 30, Sebi directed Ramalinga Raju, Rama Raju, B Suryanarayan Raju, V Srinivas, G Ramakrishna and SRSR Holdings to disgorge the unlawful gains totalling Rs 624.09 crore.
The quantity has to be paid together with an annual curiosity of 12 per cent from January 7, 2009 until the date of cost, in accordance to the Securities and Exchange Board of India (Sebi).
Sebi’s newest order got here after the Securities Appellate Tribunal (SAT), in June this yr, requested the regulator to cross a recent order on or earlier than November 30.
In February this yr, SAT put aside two orders by Sebi in October and November 2018 within the case with respect to calculation of the unlawful gains and sure different features.
“I find that imposition of simple interest on illegal gains at the rate of 12 per cent from January 07, 2009 till date of payment, is neither arbitrary nor excessive by any standard.
“On the opposite it’s imposed judiciously within the information and circumstances of this case and is in keeping with previous precedents,” Sebi Whole Time Member Ananth Narayan G said in the order on November 30.
According to the latest order, Ramalinga Raju, Rama Raju, V Srinivas and G Ramakrishna shall continue to remain under restraint as directed by the Supreme Court till appeals in the case are decided.
Ramalinga Raju and Rama Raju have been barred from the securities market till July 14, 2028, as per the latest order.
“Directions of restraint/debarment handed on this order shall be topic to any path by the Hon’ble Supreme Court within the aforesaid appeals,” Sebi stated.
