On Air Now

Listen

Listen Live Now » 99.9 FM Fargo-Moorhead

Weather

Current Conditions(Fargo,ND 58103)

More Weather »
63° Feels Like: 63°
Wind: SSE 10 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Today

Sunny 77°

Tonight

Clear 52°

Tomorrow

Mostly Sunny 76°

Alerts

India regulator orders ex-Satyam executives to pay $300 million

MUMBAI (Reuters) - India's market regulator on Tuesday ordered five former executives of Satyam Computer Services to pay about 18.5 billion rupees ($307.72 million) because of alleged 'wrongful gains' in share transactions.

Satyam shocked investors in 2009 with revelations that the firm's profits had been overstated for years and assets falsified.

The Securities and Exchange Board of India (SEBI) accused the former Satyam executives of accruing illegal gains in share transactions through "fraudulent acts, omissions and illegal transactions."

The regulator has asked the executives to pay the money within 45 days along with 12 percent interest per year starting Jan. 7, 2009.($1 = 60.1200 Indian Rupees)

(Reporting by Himank Sharma and Devidutta Tripathi; Editing by Rafael Nam and Louise Heavens)

Comments