Hyderabad: Satyam founder B. Ramalinga Raju could again be arrested if he fails to pay the penalty imposed by the Sebi, according to experts.
Raju is on bail after spending two years eight months in jail.
“The bank accounts Ramalinga Raju could be attached if the penalty imposed by Sebi is not recovered fully. If these are not sufficient, then the provisions of the Revenue Recovery Act will come into play. This allows police to arrest the defaulter and detain him,” said Fapcci past president Srinivas Ayyadevara.
Raju’s arrest under the Sebi Act looks more possible soon or later as most of his assets have already been freezed by different agencies.
In January 2009, Ramalinga Raju, the former chairman of Satyam Computers shocked the entire corporate world by confessing that the citybased IT major had fudged its books of account by showing an inflated cash and bank balance of over Rs 8,000 crore.
In a 65-page order issued on Tuesday, the regulator said that promoters along with senior management officials have committed a sophisticated white-collar financial fraud with pre-meditated and well thought of plan and deliberate design for personal gains and to the detriment of the company and investors in its securities.
The persons named in the order include B. Ramalinga Raju, ex-chairman, former managing director B. Rama Raju, ex-chief financial officer, Vadlamani Srinivas, G. Ramakrishna, ex-VP, finance and V.S. Prabhakara Gupta, former head of Satyam Computer’s internal audit team.
