SEBI orders ex-Satyam execs to pay $300 million

MUMBAI Tue Jul 15, 2014 8:42pm IST

Employees of Satyam Computer Services Ltd., enter their head office in Hyderabad April 13, 2009. REUTERS/Krishnendu Halder/Files

Employees of Satyam Computer Services Ltd., enter their head office in Hyderabad April 13, 2009.

Credit: Reuters/Krishnendu Halder/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - India's market regulator on Tuesday ordered five former executives of Satyam Computer Services to pay about 18.5 billion rupees ($307.72 million) because of alleged 'wrongful gains' in share transactions.

Satyam shocked investors in 2009 with revelations that the firm's profits had been overstated for years and assets falsified.

The Securities and Exchange Board of India (SEBI) accused the former Satyam executives of accruing illegal gains in share transactions through "fraudulent acts, omissions and illegal transactions."

The regulator has asked the executives to pay the money within 45 days along with 12 percent interest per year starting Jan. 7, 2009.

($1 = 60.1200 rupees)

(Reporting by Himank Sharma and Devidutta Tripathy; Editing by Rafael Nam and Louise Heavens)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared
Sensex surges over 300 points on energy reforms, state elections

Sensex surges over 300 points on energy reforms, state elections

The BSE Sensex surges over 300 points and the Nifty gains nearly 100 points after the government's energy reforms lead to a rally in energy firms, while wins by Prime Minister Narendra Modi's party in two state elections raise expectations for additional reforms.  Full Article 

REUTERS SHOWCASE

Indian State Media

Indian State Media

Controlling the message: Modi chooses state media  Full Article 

ONGC Stake

ONGC Stake

Govt meeting bankers to discuss share sale in ONGC - source  Full Article 

Gold Curbs

Gold Curbs

Finance Ministry wants to reimpose curbs on gold imports - ET  Full Article 

World Stocks

World Stocks

Shares advance on strong data, earnings  Full Article 

Eyeing Reebok

Eyeing Reebok

Investor group aims to buy Reebok unit - WSJ  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage