SEBI barred Satyam founder Ramalinga Raju and 4 others from accessing capital markets
SEBI has barred founder of Satyam Computers, B Ramalinga Raju and four other executives from accessing the capital markets for 14 years.
The Securities and Exchange Board of India (SEBI) on 15 July 2014 barred founder of Satyam Computers, B Ramalinga Raju and four other top executives from accessing the capital markets for 14 years.
Apart from this, the market watchdog also ordered the top five executives of Satyam to pay 1849 crore rupees because they made unlawful gains through sale of shares. The amount has to be paid within 45 days. In its order SEBI also said that the amount must be deposited along with 1200 crore rupees as interest due from January 2009 till date. It means that with extra 1200 crore rupees (which is 12 percent simple interest), the five executives will have to pay at least 3049 crore rupees to SEBI.
The four executives are
• B Rama Raju, the company’s former managing director
• Vadlamani Srinivas, its former chief financial officer
• G Ramakrishna, its former vice-president (finance)
• VS Prabhakara Gupta, its former head (internal audit)