SEBI begins interrogating Ramalinga RajuFebruary 4th, 2009 - 2:21 pm ICT by ANI
Hyderabad, Feb 4 (ANI): The Securities and Exchange Board of India (SEBI) has begun interrogation of Ramalinga Raju, former chief of embattled Satyam Computer Services Limited. Ramalinga Raju is being interrogated by SEBI’’s investigator, Sunil Kumar at the Hyderabad jail.
SEBI is expected to probe whether there was any insider trading angle to the fraud since Raju had disclosed falsifying profits for years which would have helped inflate share prices.
On Tuesday, the Supreme Court permitted the SEBI to grill Ramalinga Raju, and his brother, Rama Raju.
On January 31, a judge of a trial court in Hyderabad had adjourned to February 9, the hearing of petition of the SEBI to interrogate Ramalinga Raju. On January 7, Ramalinga Raju confessed to fraudulent manipulation to the tune of rupees 7,136 crores over several years by inflating the company’’s profits and assets. (ANI)
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