New Delhi ,OCT 17:
In the Satyam Computer scam, Sebi has passed a partially-modified order with respect to the period of debarment from securities market and disgorgement of illegal gains made by three officials of the erstwhile IT firm.The latest directions pertain to three officials — Vadlamani Srinivas (ex-CFO), G Ramakrishna (ex-vice president) and VS Prabhakara Gupta (Ex-Head of Internal Audit) — at the company. In July 2014, the regulator passed an order against various entities, including the three officials, in the nearly Rs 9,000 crore Satyam scam. They were barred from the securities market and were asked to disgorge illegal gains.
The three officials challenged the ruling at the Securities Appellate Tribunal regarding the calculation of amounts to be disgorged and the period of restraint from securities market. Then, the tribunal asked Sebi to make a fresh decision on the quantum of illegal gains to be disgorged and restraint period.
According to Sebi’s order issued on Tuesday, Srinivas and Ramkrishna have been barred from the securities market for seven years while the ban on Gupta is for four years. The debarment period would include the years of ban already undergone by these individuals.
While Srinivas has been ordered to disgorge Rs 15.65 crore, Ramakrishna and Gupta have been directed to pay Rs 11.5 crore and Rs 48 lakh, respectively along with 12 per cent annual interest from January 7, 2009 till the date of payment.The scam came to light on January 7, 2009.
