Chintalapati Srinivasa Raju vs Securities And Exchange Board Of India

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2018 Supreme(SC) 475

ROHINTON FALI NARIMAN, NAVIN SINHA
Chintalapati Srinivasa Raju – Appellant
Versus
Securities And Exchange Board Of India – Respondent

Advocates Appeared:
For Appellant(s) : Mr. K.V.Vishwanathan, Ms. Amrita Panda, Mr. Ravichandra Hegde, Ms. Kriti Sandur, Mr. Neil Chatterjee, Mr. Debesh Panda, Mr. Sridhar Reddy, Mr. R.L.Shankar, Mr. R.Narayana Kumar, Mr. Sanjay Verma, Mr. Gunnam Venkateswara Rao, Ms. Rohini Musa, Mr. D. L. Chidananda, Mr. V.Giri, Mr. Ravichandra Hegde, Ms. Kriti Sansur, Mr. Ritunjay Gupta, Mr. Divyam Agarwal, Mr. N.K.Kaul, Mr. E.R.Kumar, Mr. D.P.Mohanty, Mr. Tanuj Agarwal, Ms. Raveena Rai, Mr. Sarthak Gaur, Ms. Pratyusha Priyadarshi, M/S. Parekh & Co., Mr. S.Udaya Kumar Sagar, Ms. Bina Madhavan, Mr. Krishna Kumar Singh, Ms. Swati Bhardwaj, Mr. Laxmi Shankar, M/S. Lawyer S Knit & Co, Ms. Supriya Juneja, Advs.
For Respondent(s): Mr. Pratap Venugopal, Ms. Surekha Raman, Mr. Anuj Sarma, Ms. Niharika, Ms. Kanika Kalaiyarasan, M/S. K J John And Co, Advs.

JUDGMENT

R.F. NARIMAN, J.

1. The present appeals have their genesis in what is popularly known as the “Satyam scam”. By a letter dated 7.1.2009, one B. Ramalinga Raju, former Chairman of Satyam Computer Services Limited (hereinafter referred to as “SCSL”) sent a letter to various stock exchanges and the SEBI stating that the financial statements of SCSL had been grossly overstated and did not reflect the true and fair view of the financial position of SCSL.

Civil Appeal No.16805 of 2017

2. In the present appeal, the appellant was roped in by the Whole Time Member of the SEBI as well as the Appellate Tribunal 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. He also happens to be the “co-brother” of B. Ramalinga Raju as the two of them have married two sisters.

3. SCSL was originally incorporated as a private limited company with two shareholders, namely, B. Ramalinga Raju and D.V. Satyanarayana Raju on 24.6.1987. These two gentlemen were the original promoters of this company. The appellant, who was an executive director of this company from 1993 onwards, was confined to operating a joint venture comp

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2018 Supreme(SC) 475

ROHINTON FALI NARIMAN, NAVIN SINHAChintalapati Srinivasa Raju – AppellantVersusSecurities And Exchange Board Of India – Respondent

Cases Referred (11)

ROHINTON FALI NARIMAN, NAVIN SINHA
Chintalapati Srinivasa Raju – Appellant
Versus
Securities And Exchange Board Of India – Respondent