In its latest order, the regulator of the Indian stock market, SEBI, asked the main accused in the Satyam Ramalinga Raju, the main accused in the Satyam scandal, to disgorge Rs 1,800 crore of illegal gains made by Raju and 10 entities linked to him, including his brother, mother and son. This amount is excluding the Rs 1,500 crore as interest on the disgorged wealth.
SEBI levied the penalty for insider trading starting from January 7, 2009, the day when the Satyam scam was unearthed. SEBI has also barred Raju and his associate entities from the markets for 14 years, apart from serving them an order to return Rs 1,849 crore amassed in the fraud after a huge financial fraud at the company.
Following the latest order, Ramalinga Raju and his brother Rama Raju will return Rs.56 crore earned by sale or transfer of their shares in Satyam Computers. Then, the SRSR Holdings shall repay Rs.1,258.88 crore, Raju’s third brother Suryanarayana Raju (Rs.90) and his wife (Rs.8.50 crore), Ramalinga Raju’s mother Appalanarasamma (Rs.8 crore) and both his sons will have to return (Rs.95 crore).
It is well known that a special court in Hyderabad on 10th April sentenced Raju and nine others to 7 years of rigorous imprisonment for fudging the books of the company to the tune of Rs 7,136 crore over several years.
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