The scam at Satyam Computer Services came to light on January 7, 2009, when Ramalinga Raju, then the company’s Chairman, admitted to manipulating the company’s accounts. Sebi’s probe also revealed that the individuals traded in the company’s shares during the period from January 2001 to December 2008 when in possession of unpublished price sensitive information about the firm’s adverse financial position.
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 amount has to be paid along with an annual interest of 12 per cent from January 7, 2009 till the date of payment, according to the Securities and Exchange Board of India (Sebi).
Sebi’s latest order came after the Securities Appellate Tribunal (SAT), in June this year, asked the regulator to pass a fresh order on or before November 30.
In February this year, SAT set aside two orders by Sebi in October and November 2018 in the case with respect to calculation of the unlawful gains and certain other aspects.
“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 contrary it is imposed judiciously in the facts and circumstances of this case and is consistent with past 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 passed in this order shall be subject to any direction by the Hon’ble Supreme Court in the aforesaid appeals,” Sebi said.
(What’s moving <a href=”https://economictimes.indiatimes.com/indices/sensex_30_companies”>Sensex</a> and <a href=”https://economictimes.indiatimes.com/indices/nifty_50_companies”>Nifty</a> Track <a href=”https://economictimes.indiatimes.com/markets/stocks”>latest market news</a>, <a href=”https://economictimes.indiatimes.com/markets/stocks/recos”>stock tips</a> and <a href=”https://economictimes.indiatimes.com/markets/expert-view”>expert advice</a> on <a href=”https://economictimes.indiatimes.com/markets”>ETMarkets</a>. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, <a href=”https://t.me/joinchat/J60pKE7SOStsj5sI8nDmHQ” rel=”nofollow” target=”_blank”>subscribe to our Telegram feeds</a>.) <p>Download <a href=”https://etapp.onelink.me/tOvY/feefac97″ target=”_blank” rel=”nofollow”>The Economic Times News App</a> to get Daily Market Updates & Live Business News. </p> <p>Subscribe to <a href=”https://buy.indiatimes.com/ET/plans”>The Economic Times Prime</a> and read the <a href=”https://epaper.indiatimes.com/timesepaper/publication-the-economic-times,city-delhi.cms”>Economic Times ePaper</a> Online.</p> and <a href=”https://economictimes.indiatimes.com/markets/stocks/live-blog/bse-sensex-today-live-nifty-stock-market-updates-30-november-2023/liveblog/105606259.cms”>Sensex Today Live</a>.</p> Top Trending Stocks: <a href=”https://economictimes.indiatimes.com/state-bank-of-india/stocks/companyid-11984.cms”>SBI Share Price</a>, <a href=”https://economictimes.indiatimes.com/axis-bank-ltd/stocks/companyid-9175.cms”>Axis Bank Share Price</a>, <a href=”https://economictimes.indiatimes.com/hdfc-bank-ltd/stocks/companyid-9195.cms”>HDFC Bank Share Price</a>, <a href=”https://economictimes.indiatimes.com/infosys-ltd/stocks/companyid-10960.cms”>Infosys Share Price</a>, <a href=”https://economictimes.indiatimes.com/wipro-ltd/stocks/companyid-12799.cms”>Wipro Share Price</a>, <a href=”https://economictimes.indiatimes.com/ntpc-ltd/stocks/companyid-12316.cms”>NTPC Share Price</a>