Sebi orders Raju and others to pay back Rs 1,747 crore in Satyam case
A previous Sebi disgorgement order was challenged by the accused in higher courts, including SAT and the Supreme Court
Hyderabad: Markets regulator Sebi has ordered former chairman of Satyam Computers Services B. Ramalinga Raju and five others to pay back Rs 624 crore of unlawful gains that were made in stock sale along with an interest of 12 per cent.
Assuming they pay back this money by next month, i.e. January 2024, they need to cough up Rs 1,747.5 crore, which includes Rs 624 crore of unlawful gains and Rs 1,123 crore of interest accured on it for about 15 years.
Apart from Ramalinga Raju, others named in the order include his brothers B Rama Raju and B Suryanrayana Raju, Raju brothers' holding company SRSR Holding Private Limited, former chief financial officer V Srinivas and former vice-president (finance) G. Ramkrishna.
According to the Sebi order, Ramalinga Raju made an unlawful gain of Rs 20.43 crore, Rama Raju Rs 20.43 crore, Suryanarayana Raju Rs 51.44 crore, SRSR Holdings Rs 518.36 crore, Srinivas Rs 9.58 crore and Ramakrishna Rs 3.83 crore.
This order followed a Securities Arbitration Tribunal (SAT) order passed on February 2, 2023. A previous Sebi disgorgement order was challenged by the accused in higher courts, including SAT and the Supreme Court.
“I..hereby direct that the Notices shall disgorge the unlawful gain made by them calculated in Table No.19 of this Order, along with simple interest at the rate of 12 percent per annum from January 07, 2009 till the date of payment. As directed by the Hon’ble SAT vide its order dated February 02, 2023, the unlawful gain shall be borne individually,” said Ananth Narayan G, Whole Time Member, SEBI, in his order.