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SC holds co-brother of B. Ramalingam Raju could not be roped in Satyam Case

May 15, 2018[2018] 93 taxmann.com 202 (SC)
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SEBI : Mere fact that appellant i.e. Chintalapati Srinivasa Raju promoted two joint venture companies, one of which ultimately merged with Satyam Computers (SCSL) and fact that he was a co-brother of B. Ramalinga Raju, without more, could not be stated to be foundational facts from which an inference of reasonably being expected to be in knowledge of confidential information could be formed. Therefore, majority judgment of Appellate Tribunal by which appellant was roped in for having known about affairs of Satyam Computers as he happened to be an executive director of SCSL from 1993 upto 31-8-2000 and a non-executive director from 1-9-2000 to 23-1-2003 was to be set aside

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