MUMBAI (StartName) – India’s market regulator on Tuesday ordered five former executives of Satyam Computer Services to pay about 18.5 billion rupees ($307.72 million) because of alleged ‘wrongful gains’ in share transactions.
Satyam shocked investors in 2009 with revelations that the firm’s profits had been overstated for years and assets falsified.
The Securities and Exchange Board of India (SEBI) accused the former Satyam executives of accruing illegal gains in share transactions through “fraudulent acts, omissions and illegal transactions.”
The regulator has asked the executives to pay the money within 45 days along with 12 percent interest per year starting Jan. 7, 2009.($1 = 60.1200 Indian Rupees)
(Reporting by Himank Sharma and Devidutta Tripathi; Editing by Rafael Nam and Louise Heavens)