SEBI asks Raju family to pay more than Rs 1,800 crore

The Securities and Exchange Board of India (SEBI) on Thursday asked ten entities connected to the Satyam scam case including the ex-chairman of the erstwhile Satyam Computer Services Ltd., B. Ramalinga Raju and other family members to disgorge over Rs.1,800 crore, which are ‘ill-gotten gains’ made by them.

The SEBI order said that pursuant to the SEBI order on July 15, 2014, B. Ramalinga Raju and B. Rama Raju have to jointly and severally disgorge Rs.56,16,85,195 (Rs.26,62,50,000 and Rs.29,54,35,195) “which they had earned by sale/transfer of shares held by them in Satyam Computers.” Further SEBI asked SRSR Holdings Pvt. Ltd. (controlled by Raju brothers) to disgorge the wrongful gain of Rs.1,258.88 crore jointly and severally with B. Ramalinga Raju and B. Rama Raju.

The other family members include, Chintalapati Srinivasa Raju, Anjiraju Chintalapati (since deceased). Ms. B. Appalanarasamma, Ms. B. Jhansi Rani, B. Rama Raju Jr., B. Suryanarayana Raju, B. Teja Raju and IL&FS Engineering and Construction Company Ltd. (formerly known as Maytas Infra Ltd.) were also asked to disgorge the amounts.

SEBI ordered that these amounts would be paid, along with simple interest at 12 per cent per annum from January 7, 2009, till the date of payment, within 45 days from the date of this order, that is, September 10, 2015. Earlier, SEBI passed an order on July 15, 2014, wherein it had barred B. Ramalinga Raju, B. Rama Raju (then Managing Director of Satyam), Vadlamani Srinivas (ex-CFO), G. Ramakrishna (ex-VP) and V.S. Prabhakara Gupta (Ex-Head of Internal Audit) from the markets for 14 years and also asked them to return Rs.1,849 crore worth of unlawful gains with interest.

Source: PTI

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