SEBI orders ex-Satyam execs to pay $300 million
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)
- Tweet this
- Share this
- Digg this
- Google's Pichai to oversee major products and services
- Modi takes tea, but no questions, in first press event as PM
- UPDATE 2-Motor racing-Caterham and Marussia to miss next races - Ecclestone
- Two killed, four wounded in Washington state school shooting
- Reuters Poll - India's growth pace to pick up as reforms draw investment
Finance Minister Arun Jaitley favours a cut in interest rates to trigger demand in the construction sector, a newspaper report said on Saturday, but the Reserve Bank of India (RBI) has signalled it will not ease policy until it is confident of lower inflation. Full Article
Euro zone risks "relapse into recession" without structural reforms - Draghi. Full Article
Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw” Full Article