IndiaCatalog.com
India News
Search Web Directory
News Home
Sebi to review Satyam order
Posted on 13th May 2017
Hyderabad, May 12 (PTI): The Securities Appellate Tribunal today directed Sebi to pass a fresh order in the Satyam case with respect to the quantum of punishment given to the erstwhile company's founder B. Ramalinga Raju and four others.

While agreeing with Sebi's finding that the individuals violated regulations, the tribunal said the decision to uniformly restrain all the appellants from accessing the securities market for 14 years "without assigning any reasons is unjustified".

The tribunal's ruling has come on pleas filed by Ramalinga Raju, B. Rama Raju, V. Srinivas, G. Ramakrishna and V.S. Prabhakara Gupta (appellants) against the Sebi's order passed in July 2014, wherein these individuals were barred from the securities market for 14 years.

Besides, they were asked to return Rs 1,849 crore in unlawful gains with 12 per cent interest.

In an order today, the tribunal said the decision of Sebi's whole time member (WTM) in "uniformly restraining all the appellants from accessing the securities market for 14 years without assigning any reasons is unjustified".

Similarly, the quantum of illegal gains directed to be disgorged by each appellant is based on grounds which are mutually contradictory and also without application of mind, the tribunal added.

"We set aside the impugned order to the extent it relates to the period for which the appellants are restrained from accessing the securities market and the quantum of illegal gains directed to be disgorged by the appellants and remand the matter to the file of the WTM of Sebi for passing fresh order on merits and in accordance with law," it said.

The tribunal has asked Sebi to pass a fresh order preferably within four months.

Till the passing of the fresh order by Sebi, the tribunal has directed the appellants not to access the securities market.

Back in January 2009, Ramalinga Raju had admitted to fudging the books of Satyam Computer Services.

Related Companies: Securities and Exchange Board of India ( SEBI )   

Other Latest News
SBI appoints Arijit Basu as new managing director; here’s all about veteran banker
Posted on 23rd June 2018
The government on Saturday appointed Arijit Basu as managing director of the country’s largest lender State Bank of India. He will fill the position that fell vacant following the elevation of Rajnish Kumar as the chairman. Now, after this, the SBI will have four managing directors. As per the SBI Act, the bank can have four managing directors.

Microsoft News for Android, iOS, Windows 10 is here
Posted on 23rd June 2018
Joining the likes of Google and Apple, Microsoft has launched Microsoft News – a news engine that curates articles from across the web and delivers them to the users’ Microsoft feed, the media reported. The newly redesigned app for iOS and Android platforms would also power news on “Microsoft Edge”, the News app in Windows 10, Skype, Xbox and Outlook.com.

23 Air India flights delayed due to software malfunction
Posted on 23rd June 2018
Nearly two dozen Air India flights were delayed across its network including at IGI Airport here today after a technical glitch in the check-in software hampered operations, an airline spokesperson said. The departure timings of as many as 23 flights were affected and the delays owing to the software malfunction stretched from 15-30 minutes, the spokesperson said.

Infosys at exciting juncture, bets big on digital: Nilekani at 37th AGM
Posted on 23rd June 2018
Riding on strong financial performance and disruptive technologies, global software major Infosys is betting on digital strategy to spur growth in the exciting times, said its co-founder and Chairman Nandan M Nilekani on Saturday.

"We are at an exciting juncture in the journey of our industry. I have never seen as many possibilities to partner with and grow along with our clients as I see today.


Volvo aims for 25% recycled plastics in every car from 2025
Posted on 23rd June 2018
Volvo Cars has announced that, from 2025 onwards, at least 25% of the plastics used in every newly launched Volvo car will be made from recycled material. The company has also urged auto industry suppliers to work closely with car-makers to develop next-gen components that are as sustainable as possible, especially with regards to containing more recycled plastics.

» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for Sebi to review Satyam order
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for Sebi to review Satyam order

Most Read News

Essar Steel lenders may not allow Numetal to change structure in second bid

Alok Industries Case: SBI may not demand revote on resolution plan

TCS, Infosys push BSE IT index to new high; IT index rallies 24% in CY18

Essar Steel dues to pipeline firm continue to pile up

Microsoft acquires AI startup to fuel AI capabilities

More India News

Photo Gallery

BMW X3(13 Images) BMW X3
  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2018 IndiaCatalog.com
    All Rights Reserved
Privacy Statement