Satyam Scam: SEBI Issues Fresh Order

The Securities and Exchange Board of India (SEBI) issued a fresh order on Friday in the close to a decade old Satyam Computers scam, which barred B Ramalinga Raju and three other entities from the Indian securities markets and has directed them to return unlawful gains worth Rs 813 crore with interest.

The debarment period already served by them will be included in the 14-year ban. The disgorgement amount has also been reduced to Rs 813.40 crore from Rs 1,258.88 crore along with interest.

The three other entities besides Ramalinga Raju, the founder of erstwhile Satyam Computers are his brother B Rama Raju, B Suryanarayana Raju and SRSR Holdings Pvt Ltd.

The latest ruling, on insider trading and fraudulent activities, has been passed after the Securities Appellate Tribunal (SAT) directed SEBI to pass a fresh order in the matter. These entities have been barred for violating regulations pertaining to PFTUP (Prohibition of Fraudulent and Unfair Trade Practices) and PIT (Prohibition of Insider Trading). Ramalinga Raju and Rama Raju have been barred since July 15, 2014, and by Suryanarayana Raju and SRSR Holdings Pvt Ltd since September 10, 2015, and this period would be taken into account for calculating the total 14-year ban period, as per the order.