Ex-Satyam Execs Hit With $500M Penalty For Accounting Fraud
Law360, New York (July 18, 2014, 4:37 PM EDT) -- India's securities regulator has ordered former executives of Satyam Computer Services Ltd. to disgorge over $306 million in ill-gotten gains and pay at least $201 million in interest for their purported role a massive accounting fraud scheme to falsely inflate the revenues of the former information technology company.
The Securities and Exchange Board of India on Wednesday said it handed down the judgment to Satyam founder and Chairman Ramalinga Raju, his younger brother and former CEO Rama Raju, ex-Chief Financial Officer Vadlamani Srinivas as well as one-time executives G. Ramakrishna and V.S. Prabhakara Gupta. All of the former Satyam heads are...
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