Satyam scam: SAT sets aside Sebi's orders
Appellate tribunal SAT on Thursday set aside Sebi’s orders that had barred Satyam Computer’s B. Ramalinga Raju, B. Rama Raju and others from the securities markets for up to 14 years and asked the markets regulator to pass a fresh order in the 14- year old case.
The ruling came after two separate orders of the Securities and Exchange Board of India (Sebi) passed in 2018 were challenged by the six applicants.
The case relates to Ramalinga Raju and Rama Raju — who were promoters and directors of Satyam Computer Services — falsifying the company’s financial statements and making illegal gains by way of insider trading.
Besides, B. Suryanarayana Raju and SRSR Holdings had allegedly dealt with shares of Satyam Computer on the basis of unpublished price sensitive information. The scam came to light on January 7, 2009, when Ramalinga Raju — then chairman of Satyam — admitted to manipulating the company’s accounts.