|SEBI Order in the matter of Satyam Computer Services Ltd.
All Trading Members of the Exchange
sub: Order in respect of SEBI Order dated July 15, 2014 and SAT order dated May 12, 2017 in the matter of Satyam Computer Services Ltd. (SCSL) in respect of the entities V. Srinivas (ABEPV4019P), G. Ramakrishna (ACAPG1654L) and VS Prabhakara Gupta (AEAPP2815G).
Attention of the trading members is invited to the Exchange Notice No. 20140715-21 dated July 15, 2014 wherein SEBI, vide its Order No. WTM/RKA/SRO/64-68/2014 dated July 15, 2014, had inter-alia restrained various entities from accessing the securities market and further prohibited them from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, whatsoever, for a period of 14 years.
SEBI now, vide its Order no. WTM/GM/EFD/ 67/ 2018-19 dated October 16, 2018 has inter-alia issued the following directions:
- Restrained V. Srinivas (PAN: ABEPV4019P) and G. Ramakrishna (PAN: ACAPG1654L) from accessing the securities market and further prohibit them from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, whatsoever, for a period of 7 years.
- Restrained VS Prabhakara Gupta (PAN: AEAPP2815G), for accessing the securities market and for buying and selling of securities will be for a period of 4 years.
- It is mentioned in the aforesaid SEBI order that the period of restraint already suffered by the said entities since July 15, 2014 shall be taken into account for calculating the period of restraint now imposed.
Subsequently SEBI vide its email dated 19/10/2018 has clarified the aforesaid SEBI order as follows:
- As per the paragraph 33 of the SEBI Order dated October 16, 2018, the present order including the changes in the period of debarment for each entity, would come into effect only from such date as the Hon'ble Supreme Court directs. Till then, it has been stated that the entities would be bound by the undertakings given before the Hon’ble Supreme Court of India.
- In this regard it is noted that, the entities had given an undertaking before the Securities Appellate Tribunal that they shall not access the securities market and shall not buy, sell or otherwise deal in securities, directly or indirectly till the Whole Time Member, SEBI passed fresh order on merits and in accordance with law. It is noted from the Order dated August 14, 2018, passed by the Hon’ble Supreme Court of India that the undertaking given by Mr. V S Prabhakar Gupta before the Security Appellate Tribunal, Mumbai shall remain in force till the Hon’ble Supreme Court adjudicates the appeal.
A copy of the said Order is attached herewith and also available on the SEBI website www.sebi.gov.in.
Trading members are advised to take note of the same and ensure compliance.
Ena Janvalekar Shaila Valsan
Sr. Manager Manager
Date: October 19, 2018