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SEBI issues show cause notice to Raju
October, 12th 2009

Indias market regulator SEBI, which is probing charges of market manipulation by chairman-cum-founder of scandal hit Satyam Computers B Ramalinga Raju and four others accused in the scam, has directed two of the accused to reply to its show cause notice by October 30.

In order issued on Saturday, SEBI directed Ramalinga Rajus brother and former MD of Satyam B Rama Raju and former Vice President (Accounts) G Ramakrishna to furnish their replies and appear for a personal hearing on November 11. The regulator agreed to allow their lawyers to inspect the IT firms documents which are in its possession. The order comes nine months after Raju committed to fudging Satyams books to perpetrate the biggest ever corporate fraud.

Sebi has also issued SCNs to Ramalinga Raju, former Satyam CFO Vadlamani Srinivas and former senior VP of Satyam Prabharkara Gupta. Ramalinga Raju and Vadlamani have filed writ petitions in the Andhra Pradesh High Court seeking order quashing the show cause notices on grounds of violation of principles of natural justice.

The lawyers Rama Raju and Ramakrishna said their clients are unable to reply to the SCN as they do not have access to the records of the company. Besides, they are under judicial custody and have not been released on bail.

But SEBIs counsel charged Rama Raju and Ramakrishna of attempting to delay the proceedings on the grounds that the principles of natural justice were not being followed. The counsel also said they had not made an application before a competent court seeking access to the records. So their objections were not bona-fide.

As far as inspection of documents relied upon in the SCN is concerned, Sebi offered to give inspection of the documents immediately. The counsel for Sebi made it clear that Sebi will give inspection of the documents (original or copy) available with Sebi, the order issued by M S Sahoo, Whole Time Member, SEBI.On Friday, the Andhra Pradesh High Court rejected Rama Rajus petition seeking a quashing of SEBIs SCN.

 
 
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