Satyam’s Raju contests Rs 1,849-cr fine

  • HT Correspondent, Hindustan Times, Mumbai
  • Updated: Sep 08, 2014 00:02 IST

B Ramalinga Raju, founder and chairman of the erstwhile Satyam Computer Services, and four others have moved the Securities Appellate Tribunal against market regulator Secu­rities and Exchange Board of India’s order to pay in excess of Rs 3,000 crore (Rs 1,849 cr fine and interest thereon), for making unlawful gains in one of India’s biggest corporate frauds.

The tribunal has listed all the five pleas for hearing on Monday.

A Sebi order can be challenged before the SAT within 45 days of it being passed. While Ramalinga Raju and Rama Raju filed their pleas on Friday, the others had filed their appeals a few days earlier.

Sebi had, after a five-and-a-half year probe, in July barred Raju, his brother Rama Raju (then managing director of Satyam), Srinivas Vadlamani (then chief financial officer), G Ramakrishna (then vice-president) and VS Prabhakara Gupta (then head of internal audit), from the markets for 14 years, and imposed a joint fine of Rs 1,849 crore plus 12% simple interest per year from January 7, 2009 — the day the scam broke — totalling over Rs 3,000 crore.

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