Securities Exchange Board of India (SEBI) shot the doors on erstwhile Satyam Computer’s founder B. Ramalinga Raju and others today. Closing five-and-a-half long probe into the nation’s biggest corporate fraud, Sebi took this decision. SEBI barred Raju and others for 14 years to enter into the Stock Market.
SEBI also ordered him to return 1,849 crores worth of unlawful gains with interest. SEBI have 45 days time period to Raju for this payment. He has to pay interest of 12% p.a with effect from 2009 January from where this mega scam was erupted. SEBI named B. Rama Raju (then MD of Satyam), Vadlamani Srinivas (ex-CFO), G. Rama Krishna (ex-Vice President) and VS Prabhakar Gupta (Ex-Head of Internal Audit) also in the list along with Satyam Raju.
SEBI alleged that these people did business with all fraud and misappropriate the funds. Ramalinga Raju status fell down to the nadir after getting this fraud in 2009. Satyam is in top 3 of India’s IT Giant Companies along with Infosys and TCS. A special court of Chief Metropolitan Magistrate said that he will announce the date of Judgment on Raju on July 28th. Raju should appear before that day in court hall. Raju has lost his glory both in and out of the country.
