Sebi tells Ramlinga Raju to cough up Rs 3,300 crore
Sebi said that the amount needs to be paid within 45 days
By : DC Correspondent
Update: 2015-09-11 07:11 GMT
HYDERABAD: In a fresh jolt to Satyam founder Ramalinga Raju, the capital market regulator Sebi on Thursday ordered 10 entities, which are alleged to be linked to him to pay Rs 3,328 crore — Rs 1,849 crore worth of illegal gains made by them and Rs 1,479 crore interest on such illegitimate profits.
In its 39-page order effective immediately, Sebi said that the amount needs to be paid within 45 days. Raju and others were already convicted in the multicrore accounting scam. The penalty has been levied with effect from January 7, 2009 — the day Ramalinga Raju admitted to a massive long-running fraud at the company.
“The investigation revealed that various promoter group entities had sold shares in the market or made off-market transfers to other entities during the period January 2001 to December 2008 when in possession of unpublished price sensitive information about the adverse financial position of the company,” the order observed.