SC dismisses plea to cancel Satyam stocks transactions | business | Hindustan Times
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SC dismisses plea to cancel Satyam stocks transactions

business Updated: Feb 06, 2009 18:29 IST
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The Supreme Court today dismissed a petition seeking a direction to market regulator SEBI and the Bombay Stock Exchange to cancel transactions in shares of scam-tainted Satyam Computer and Chennai-based entertainment firm Pyramid Saimira.

A Chief Justice K G Balakrishnan-headed bench dismissed as withdrawn a Public Interest Litigation filed by Mohan Lal Sharma, a practising advocate, seeking cancellation of all transactions on January 6 and 7 on the ground that innocent investors were lured by these companies on buyback announcements and thus, a fraud was committed on them.

"SEBI is already investigating the matter. You can also make a complaint to the statutory authority," the bench observed.

According to Sharma, before the decision was taken by the board, IL&FS had sold about 246.6 lakh shares in the market at Rs 176 per share. However, the Satyam shares crashed to close at Rs 30 after Satyam Chairman Ramalinga Raju resigned from the board and confessed to Rs 7,800-crore fraud, he added.

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