Supreme Court acquits Srini Raju in Satyam Case

[Seshu_]

HYDERABAD: In a major relief to the venture capitalist Srini Raju of Peepul Capital, the Supreme Court on Monday exonerated him in the more than a decade-old fraud at Satyam Computer pertaining to charges of insider trading, possessing price-sensitive information. 

The Supreme Court has also set aside the earlier order of markets regulator the Securities and Exchange Board of India (Sebi) that directed him to pay Rs136 crore that he earned by sale of shares he owned in Satyam Computer Se .. 
 

Read more at:
//economictimes.indiatimes.com/articleshow/64167870.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

 

 

CHENNAI:The Supreme Court on Monday acquitted Chintalapati Srinivasa Raju, co-brother of disgraced Satyam Computer Services Ltd chairman B Ramalinga Raju, from charges of being a promoter in the firm and, along with 13 other individuals, amassing nearly Rs 2,000 crore illegal wealth. The Satyam scam was regarded as one of the biggest corporate frauds.

The Supreme Court has declared that Srinivasa Raju was rather duped by promoters Ramalinga Raju and his brother Rama Raju, as they had mentioned him as a promoter in various letters to stock exchanges without his consent and knowledge.

“The fact that appellant (Srinivasa Raju) was not involved with fraudulent manipulation is clear from the fact that he ceased to be an executive director in the year 2000, while fraudulent manipulation of the accounts began from 2001,” the judgement stated.

It also provided evidence that Srinivasa Raju had retained a major part of his shares in SCSL until 2008, while the promoters had disposed their holdings by 2006 as they were aware of the credit crunch the company was facing.

 

 

 

[iPhoneX]

[king_maker]

Jagan and YSR ki em sambandam ledhu, they are very innocent.