Sebi bars Satyam's Ramalinga Raju, others - Times of India

Sebi bars Satyam's Ramalinga Raju, others

The author has posted comments on this article Partha Sinha, TNN | Jul 15, 2014, 07.44PM IST

MUMBAI: Market regulator Sebi on Tuesday barred founder and former chairman of Satyam Computer Services Ramalinga Raju from the market for 14 years for what is now called the Satyam scam.

Along with Raju, it also barred four others, and also jointly fined them nearly Rs 1,850 crore, plus interest at 9% which will be calculated from January 2009 for making unlawful gains.

(File photo of Ramalinga Raju)

On January 7, 2009, in a statement to the BSE, Raju had admitted to falsifying accounts of Satyam for several years, to forging bank fixed deposits, misleading investors, analysts and auditors, and making money on the sides. Two days after that Raju was arrested. Subsequently the case was handed over to the CBI and some more arrears were also made. Soon a government appointed committee took over the running of the company and then through a competitive bidding process, Satyam was handed over to Tech Mahindra which eventually merged the company with itself.



(File photo of B Rama Raju)

The others barred from the market and fined are Raju's brother B Rama Raju, Vadlamani Srinivas, G Ramakrishna and VS Prabhakara Gupta.