Satyam's Raju, 3 other entities told to pay Rs 622 crore plus interest
Sebi) has directed B Ramalinga Raju, former chairman of erstwhile Satyam Computer Services, his two brothers and company promoted by them to disgorge unlawful gains worth ₹622 crore plus interest.
The regulator has also barred Ramalinga Raju and his brother B Rama Raju from the securities markets till June 14, 2028.
Sebi's directions, however, would be subject to the Supreme Court's decision on the pending appeals before it.
The case relates to the Satyam scandal, where the promoter and chairman Ramalinga Raju fudged the accounts by an estimated ₹9,000 crore. On January 7, 2009, Raju confessed to large-scale financial manipulation in the books of Satyam.
In its 96-page order, Sebi said the disgorgement amount should be paid along with an annual interest of 12% from January 7, 2009, till the date of payment.
The regulator's investigation found material that corroborated the confession of Ramalinga Raju that promoter shares were pledged, which was executed through a company — SRSR Holdings Private Ltd — promoted and managed by the promoters.
The investigation also revealed that B Suryanarayana Raju, brother of Ramalinga Raju, had sold shares during the period January 2001 to December 2008 when in possession of unpublished price sensitive information about the adverse financial position of the company.
