Economic offenses court in Hyderabad has pronounced its judgement on the much-talked about case. Satyam Computer Services founder Ramalinga Raju, his brother Rama Raju and Ram Mynampati were sentenced to six-month jail after acting on complains filed by the Securities and Exchange Board of India (SEBI).
However, the court has given a stipulated time of 1 month for the “convicted” to appeal again. According to SEBI, Raju brothers and few others were allegedly involved in unfair trade practices and violated the insider trading regulations. Besides jail term, Raju brothers were also fined for Rs 10 Lakh each and so for Ram Mynampati.
Ex CFO Vadlamani Srinivas was also sentenced 6-month jail in 3 cases. Out of total seven cases, the court has turned down one case and pronounced judgement in six cases. Former directors Kirshna G. Palepu, Vinod K. Dham, N. Srinivas and TR Prasad were not spared.
They were fined up to Rs 20,000 each. Ramalinga Raju who spent over one year on jail after he confessed to have doctored the balance sheet of Satyam to the tune of Rs.7000 crore as profit to keep the share prices and in final count caused a Rs.14,000 crore loss to his share holders.
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