Reconsider Satyam order: Securities Appellate Tribunal to Sebi

Regulator had fined Ramalinga Raju, others and banned them from market for 14 yrs

The Securities Appellate Tribunal (SAT) on Thursday remanded the order against Satyam Computer Services founders to the Securities and Exchange Board of India (Sebi) for reconsidering disgorgement of Rs 813 crore and ban from the market.

While setting aside the previous orders issued in 2018, the tribunal has directed Sebi to pass a fresh order within four months after giving an opportunity of hearing to all the appellants.

The capital markets regulator, in its order in November 2018, had barred Satyam’s former management—B Suryanarayana Raju, B Rama Raju, and B Ramalinga Raju— from accessing the securities market for 14 years.