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A special court on Monday posted the hearing on two criminal complaints filed by market regulator Securities and Exchange Board of India (Sebi), alleging B Ramalinga Raju and other accused made over Rs 2,000 crore in illegal wealth in Satyam scam, to January 20.
The special court, on November 13 had directed Raju and other accused to furnish personal bonds of Rs 20,000 each and sureties of an equal amount, which they had furnished.
The complaints were for violation of the Sebi Act, including violation of prevention of fraudulent and unfair trade practices norms and insider trading regulations. These are punishable under Section 24 of the Sebi Act and entails a maximum punishment of 10 years.
Meanwhile, the special court set up to try the multi-crore accounting fraud at erstwhile Satyam is expected to pronounce its verdict on the six-year-old case on December 23.
HC orders removal of Tech Mah from ED case
The High Court on Monday ordered to remove Tech Mahindra’s name from the chargesheet filed by the ED in the money laundering case involving Ramalinga Raju and others.
The ED had passed a provisional order on October 18, 2012, attaching fixed deposits worth Rs 822 crore of companies promoted by Raju and his family members.
While the ED contended that as Tech Mahindra acquired Satyam, it automatically became an accused, Tech Mahindra knocked on the doors of the Hyderabad High Court to challenge the law enforcement and economic intelligence agency’s argument.
