The Securities Appellate Tribunal on Friday directed Sebi to pass a fresh order in the Satyam case with respect to the quantum of punishment given to the erstwhile company's founder B Ramalinga Raju and four others.
While agreeing with Sebi's finding that the individuals violated regulations, the tribunal also said the decision to uniformly restrain all the appellants from accessing the securities market for 14 years “without assigning any reasons is unjustified”.
The tribunal's ruling has come on pleas filed by Ramalinga Raju, B Rama Raju, V Srinivas, G Ramakrishna and VS Prabhakara Gupta (appellants) against the Sebi's order passed in July 2014, wherein these individuals were barred from the securities market for 14 years.
Besides, they were asked to return Rs 1,849 crore in unlawful gains with 12 per cent interest.