14 Years Ban On Satyam Ramalinga Raju

14 Years Ban On Satyam Ramalinga Raju

It's been a decade that the multi-crore 'Satyam' scam got revealed. It crashed the stock markets back then and thousands have lost their jobs due to this. The watchdog, Securities and Exchange Board of Board (SEBI) on Friday has taken a sensational decision in this case.

The founder of 'Satyam' B Ramalinga Raju has been banned for a period of 14 years and also ordered Mr. Raju to return Rs 813.40 crore with interest. Along with Ramalinga Raju, his brother B Rama Raju, Suryanarayana Raju and SRSH Holdings Pvt Ltd would also face this ban.

However, Ramalinga Rao is already serving the ban since July 2014. The fresh order by SEBI has mentioned that Rs 813.40 crore should be deposited within 45 days with an interest of 12 percent per annual effective from January 7, 2009.