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Satyam swindle: Sebi to appeal against court order

Satyam swindle: Sebi to appeal against court order
PTI
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First Published: Wed, Jan 28 2009. 04 12 PM IST
Updated: Wed, Jan 28 2009. 04 12 PM IST
New Delhi: Market regulator Sebi on Wednesday said it would appeal against a magistrate court’s order denying permission to it to interrogate Satyam founder Ramalinga Raju and his brother Rama Raju in connection with the Rs7,800 crore fraud in the company.
“We are going for appeal,” Sebi chairman C.B. Bhave told reporters.
The 6th additional chief metropolitan magistrate in Hyderabad had rejected Sebi’s’s application seeking a day’s custody of the Raju brothers.
The Securities and Exchange Board of India, or Sebi is probing to find if there was any insider trading in the company, whose books Raju admitted to cooking over several years.
The Raju brothers, along with Satyam’s former CFO Vadlamani Srinivas, are in judicial custody awaiting charges to be filed against them.
Raju had on 7 January disclosed that he had falsified profits and created fictitious assets in the company, which is now being administered by a government-appointed board.
The new board Tuesday said it had received many offers for a takeover, but ruled out selling the company in parts.
Asked whether engineering major Larsen & Toubro, which has increased its stake in Satyam to over 12% through open market transactions, has approached the regulator seeking waiver of open offer conditions, Bhave said: “I cannot comment.”
L&T is reportedly seeking waiver in a clause that requires it to make an open offer to buy 20% shares taking the average price of the last six months.
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First Published: Wed, Jan 28 2009. 04 12 PM IST