More than a decade later, SEBI has slapped a fine of Rs 10 lakh on TAN Murti, the head of investor relations at erstwhile Satyam Computer Services Ltd (SCSL) on insider trading charges. Financial fraud in SCSL came to light in 2009 after the company’s founder promoter, B Ramalinga Raju’s confession on fudging of accounts.
SEBI found that Murti had traded in SCSL shares in December 2008, when he was in possession of unpublished price sensitive information. He was found to have sold 14,500 SCSL shares on December 15, 2008, ahead of the acquisition of Maytas Infra and Maytas Properties by SCSL.
SEBI said it has been established that Murti was aware that SCSL proposed to acquire the two companies and a proposal was put to the board on December 16, 2008. SEBI said Murti was a key SCSL official then.