HNI Commodity Pack, SAT sets aside Sebi order barring Satyam's Ramalinga Raju from accessing market capital

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The Securities Appellate Tribunal (SAT) has set aside the market regulator’s July 2014 orders that barred Satyam’s Ramalinga Raju and his associates from accessing the capital market. 

The tribunal also directed the Securities and Exchange Board of India (Sebi) on Friday to set aside its Rs. 1,850-crore penalty. Sebi has been directed to pass fresh orders within four months “on merits and in accordance with law.” 

The founder of Satyam Computer Services (now part of Tech Mahindra) confessed to Rs. 7,136 crore of accounting fraud in January 2009 and Sebi passed orders on July 15, 2014. Raju and his associates moved the appellate tribunal against this.