The Special Economic Offences Wing Court at Nampally, Hyderabad, on Monday sentenced B Ramalinga Raju, founder and former chairman of Satyam Computer Services Ltd, and his brother B Rama Raju, to six months imprisonment and imposed a fine of Rs 5 lakh, in cases filed by Securities and Exchange Board of India (Sebi).
Six former directors including Ram Mynampati and Vadlamani Srinivas, former CFO, and top executives were fined Rs 10 lakh each. Verdict is pending in the main Satyam fraud case probed by CBI, and is expected to be delivered on December 23.
Sebi had filed two criminal complaints in connection with unfair trade practices and insider trading in the former Satyam Computer Services. B Ramalinga Raju, who in a letter to Sebi had admitted to manipulating accounts and inflating the profits of Satyam, was arrested on January 10, 2009 by the CID which later transferred the case to CBI.