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SEBI complaints: Ramalinga Raju, others appear in court

Satyam Computers founder and former chairman B Ramalinga Raju and others appeared in a local court on Thursday in connection with complaints filed by market regulator Securities and Exchange Board of India.

Raju and others appeared before the court of Special Judge for Economic Offences, responding to the summons issued by it seeking their appearance before it based on SEBI’s two criminal complaints filed in connection with the accounting fraud in the erstwhile Satyam Computer Services Limited.

The court directed Raju, the prime accused in Satyam scam, and others to furnish personal bond of Rs 20,000 each and sureties of the like amount on or before December 22 and posted the matter to the same date.

Nearly six years after the multi-crore rupee scam in Satyam jolted corporate India, a special court here will pronounce its verdict on December 23 in the case.

The complaints were filed against Raju and others for violation of SEBI Act, including violation of PFUTP (Prevention of Fraudulent and Unfair Trade Practices) norms and insider trading regulations, which are punishable under section 24 of the SEBI Act and carry a maximum punishment of 10 years.

According to SEBI, one complaint deals with alleged unfair trade practices adopted by Raju and the second one pertains to “violations” of the Insider Trading Regulations committed by Raju and his kin.

The first complaint has eight people as accused and the other has 14 people and entities as accused.

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