Sebi has revoked the seven-year ban imposed on various entities in the Satyam Computer Services case following a Supreme Court order, according to the BSE.
Sebi has revoked the seven-year ban imposed on various entities in the Satyam Computer Services case following a Supreme Court order, according to the BSE. In September 2015, Sebi had barred various entities from the securities markets for seven years and also directed them to disgorge unlawful gains “jointly and severally” with B Ramalinga Raju and his brother B Rama Raju. The Securities Appellate Tribunal (SAT), in August 2017, had asked Sebi to pass a fresh order on fines against six entities including relatives of the erstwhile IT firm’s founder B Ramalinga Raju.
The tribunal had also upheld the regulator’s decision that they violated insider trading norms. This SAT order was challenged in the Supreme Court. In a circular, the BSE said that Sebi’s latest decision to vacate restrictions imposed on seven entities in the case is pursuant to a Supreme Court order, dated May 14. The appeals filed by Late Anjiraju Chintalapati, B Appalanarasamma, B Rama Raju Jr, B Teja Raju, Chintalapati Holdings Pvt Ltd and Chintalapati Srinivasa Raju against the SAT order were allowed by the apex court, as per the circular.
Against this backdrop, the circular said that Sebi vide an e-mail today informed that the period of restraint imposed on certain entities stands vacated. The entities are Late Anjiraju Chintalapati, B Appalanarasamma, B Jhansi Rani, B Rama Raju Jr, B Teja Raju, Chintalapati Holdings and Chintalapati Srinivasa Raju.