The Securities and Exchange Board of India (SEBI) on
Thursday asked ten entities connected to the Satyam scam case including the
ex-chairman of the erstwhile Satyam Computer Services Ltd., B. Ramalinga
Raju and other family members to disgorge over Rs.1,800 crore, which are
‘ill-gotten gains’ made by them.
The SEBI order said that pursuant to the SEBI order on
July 15, 2014, B. Ramalinga Raju and B. Rama Raju have to jointly and
severally disgorge Rs.56,16,85,195 (Rs.26,62,50,000 and Rs.29,54,35,195)
“which they had earned by sale/transfer of shares held by them in Satyam
Computers.” Further SEBI asked SRSR Holdings Pvt. Ltd. (controlled by Raju
brothers) to disgorge the wrongful gain of Rs.1,258.88 crore jointly and
severally with B. Ramalinga Raju and B. Rama Raju.
The other family members include, Chintalapati Srinivasa
Raju, Anjiraju Chintalapati (since deceased). Ms. B. Appalanarasamma, Ms. B.
Jhansi Rani, B. Rama Raju Jr., B. Suryanarayana Raju, B. Teja Raju and IL&FS
Engineering and Construction Company Ltd. (formerly known as Maytas Infra
Ltd.) were also asked to disgorge the amounts.
SEBI ordered that these amounts would be paid, along with
simple interest at 12 per cent per annum from January 7, 2009, till the date
of payment, within 45 days from the date of this order, that is, September
Earlier, SEBI passed an order on July 15, 2014, wherein
it had barred B. Ramalinga Raju, B. Rama Raju (then Managing Director of
Satyam), Vadlamani Srinivas (ex-CFO), G. Ramakrishna (ex-VP) and V.S.
Prabhakara Gupta (Ex-Head of Internal Audit) from the markets for 14 years
and also asked them to return Rs.1,849 crore worth of unlawful gains with
1) The sovereign gold bond will enable investors to buy gold certificates
from the government, which can later be encashed for money or physical gold.
2) Gold Bonds will be issued with a rate of interest to be decided by the
government. Interest will be calculated on the value of gold deposited at the
time of investment.
3) Gold bonds will be issued in denominations of 5, 10, 50, 100 grams of gold.
The cap per person per year has been set at 500 grams, the government said.
4) Duration of such gold bonds will be for minimum of 5 to 7 years to protect
investors from medium term volatility in gold prices, the government said.
5) Gold bonds are expected to reduce the demand for physical gold bars by
shifting a part of estimated 300 tons per annum for investment into gold bonds.
6) The gold monetization scheme involves mobilization of tonnes of the yellow
metal stored in households and temples. Ornaments will not be accepted under
gold monetization scheme, Finance Minister Arun Jaitley said.
7) The gold monetization scheme that will enable depositors to earn interest on
their on their gold accounts.
8) The gold monetization scheme will cut down on imports, thus reducing foreign
exchange outflows. According to estimates, India paid $34.32 billion to import
around 930 tonnes of gold in the year ending March 2015.
9) Gold monetization scheme, in long term, will reduce country’s reliance on the
import of gold & put it to productive use, the government said.
10) Though stocks of gold in India are estimated to be over 20,000 tonnes, most
of this gold is neither traded, nor monetized. Gold collected through the scheme
will be made available to jewelers for manufacturing of new jewellery and other