Vaikundarajan Shares The News of SEBI’s Ban on B. Raju For 14 Years

B Ramalinga Raju
Five and a half year long investigation of the country’s biggest corporate fraud was shut down  which resulted in SEBI barring B Ramalinga Raju, the founder of Satyam Computers and four others from the market for 14 years and asked them to return the 1,849 crore worth of unlawful gains  with interest. Vaikundarajan says that the money has to be deposited with SEBI within 45 days, while interest would be levied at 12 percent per annum with effect from 7th January 2009. Others who are also a part of this prohibition are B Rama Raju, Vadlamani Srinivas, G Ramkrishna and VS Prabhakara Gupta.

As per Vaikundarajan, this is a well calculated financial racket which was intended to fetch personal gains to the company and its people. SEBI said that the five persons "have committed a sophisticated white collar financial fraud with pre-meditated and well thought of plan and deliberate design for personal gains and to the detriment of the company and investors in its securities". Vaikundarajan states that SEBI issued a 65-page order that is effective immediately. He also feels that this is the right judgment that has been delivered and people like this deserve it. Scams in India have become extremely common these days and one way of avoiding it is by delivering such punishments so that next time no one thinks of committing such a heinous crime.

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