News On AIR | September 11, 2015 5:20 PM
Satyam scam: SEBI asks Raju family, others to return Rs 1800 crore
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News On AIR | September 11, 2015 5:20 PM
News On AIR | September 11, 2015 8:25 AM
The Securities Exchange Board of India, SEBI has issued fresh orders in the Satyam Account Fraud case asking ten entities linked to the main accused Ramlinga Raju to disgorge over 1800 crore rupees worth of illegal gains made by them. <br/><br/>In addition, they will also have to pay about 1,500 crore rupees as interest on the disgorgement amount, as the penalty levied with effect from January 7, 2009, the day Satyam Computer's founder and then Chairman B Ramalin admitted to fudging books of the company. <br/><br/>The fraud came to a tune of over 7 thousand crore rupees came to light nearly seven years ago. A special court in Hyderabad sentenced Raju and nine others to seven years of rigorous imprisonment after convicting them. All ten have challenged the verdict. <br/><br/>The SEBI earlier had issued an order in July last year barring Raju and four others from the markets for 14 years asking them to return 1849 crore rupees. Sebi's fresh order fixed liability of Raju his two brothers and other individuals and companies related to then promoters of the firm. <br/><br/> The latest orders slammed against those include SR SR Holdings, IL &FS Engineering and Construction Maytas Infra, Raju's Mother, two sons, his brother and his wife, the then director and his father and their firm.
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