Satyam case: SAT rejects Ramalinga Raju plea in insider trading practices

SAT also asked Sebi to pass a fresh order deciding the quantum of punishment

The Securities Appellate Tribunal (SAT) rejected the appeal of B Ramalinga Raju, chairman of erstwhile Satyam Computer Services, over violation of rules on insider trading and unfair trade practices. SAT asked Securities and Exchange Board of India (Sebi) to pass fresh order on amount of “illegal gains” to be disgorged. Going by the Sebi order, the disgorgement amount was Rs 1,849 crore, plus 12 per cent annual interest.
 
In the order, SAT set aside the order by Sebi. “In these circumstances, we set aside the impugned (challenged) order to the extent it relates to the period for which the