1849 Crores Penalty On Ramalinga Raju

1849 crores penalty on Ramalinga Raju

Satyam Ramalinga Raju received a major jolt from SEBI in form of the penalty.The Securities and Exchange Board of India slapped a huge penalty of Rs 1849 crore on Satyam Computer Services founders Raju brothers—Ramalinga Raju and Rama raju

 1849 Crores Penalty On Ramalinga Raju-TeluguStop.com

The penalty levied by SEBI for the accounting fraud that eventually led the company being sold to Tech Mahindra.SEBI directed them to return the Rs.1849 crore earned through wrong means with interest of 12% from 2009 onwards.SEBI ordered that this money should be deposited within 45 days.

The SEBI also ordered that Ramalinga Raju and his associates also should keep away from the stock market .Along with Raju SEBI issued notice to four more people .SEBI observed that the five persons have committed a sophisticated white collar financial fraud.

The others named in the notification include B Rama Raju (then managing director of Satyam), Vadlamani Srinivas (ex-CFO), G Ramakrishna (ex-vice president) and VS Prabhakara Gupta (ex-head of Internal Audit)

The penalty is equal to the unlawful gains that that the five people made through sale of Satyam shares, before the news of the fraud became public.SEBI has already attached their Satyam Computers Company and it is taken over by Tech Mahindra few years ago.Hence, the question is from where Ramalinga Raju and four others will bring that much huge amount? If can’t will they go to court or will be sent to jail again?

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