Mumbai: Five years after India woke up to the biggest corporate scam in its history, market regulator Securities Exchange Board of India (Sebi) has ordered Satyam Computers founder Ramalinga Raju and his colleagues to shell out Rs 1,850 crore that they made unlawfully in the stock market along with a simple interest of 12 per cent.
The total amount including interest stands at Rs 2,958 crore. Apart from the penalty, Raju and his associates have been prohibited from accessing or dealing in the stock markets for 14 years.
The Satyam founder has been given 15 days to pay the money. If he fails to shell out the money, experts claim, Raju could be arrested.
“Sebi has got extensive powers through the new ordinance. So if Raju could not pay the money, the regulator would auction moveable, or immovable properties and attaching bank accounts,” said Srinivas Ayyadevara, president of Hyderabad Management Association.
