Sebi board to meet today, Satyam issue may come up

Sebi board to meet today, Satyam issue may come up
PTI
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First Published: Wed, Jan 21 2009. 01 06 PM IST
Updated: Wed, Jan 21 2009. 01 06 PM IST
Mumbai: In the backdrop of Satyam debacle raising many burning issues for listed entities, the Securities and Exchange Board of India (Sebi) board is meeting here on Wednesday and is likely to discuss matters such as more disclosure norms for pledging of shares by promoters.
Sources said the Satyam issue is likely to come up at the meeting.
A senior official of corporate affairs ministry is also likely to attend the board meeting.
Various issues like pledging of shares by disgraced Satyam founder Ramalinga Raju, and insider trading charges against top executives of Hyderabad-based IT firm have emerged after the disclosure of fudging of financial statement.
It is alleged that Raju pocketed crores of rupees, much before disclosing the accounts fraud to inflate profits, through pledging promoters shares, which are now of much less value.
The process of pledging started way back in September, 2006, when promoter entity SRSR Holding held over 2.78 crore shares, comprising a 8.51% of total equity.
A special team of Sebi led by senior official A Sunil Kumar is already investigating into the Satyam fraud and is also reportedly focusing on charges of insider trading carried out by top executives of Satyam.
Corporate affairs ministry sources said Serious Fraud Investigation Office (SFIO) probing Satyam has sought help from Sebi, among others, and the market regulator may be requested to send more members for the probe.
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First Published: Wed, Jan 21 2009. 01 06 PM IST
More Topics: Satyam | Sebi | Shares | Fraud | Ramalinga Raju |