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Sebi probing Satyam CEO's Dec stake sale
The government and the Satyam board may have placed their faith in him but AS Murty, Satyam’s incumbent CEO, is still under the Securities and Exchange Board of India (Sebi) scanner. The regulator is still investigating Murty's sale of Satyam shares in December prior to the aborted Maytas deal.
The government and the Satyam board may have placed their faith in him but AS Murty, Satyam's incumbent CEO, is still under the Securities and Exchange Board of India (Sebi) scanner. CNBC-TV18's Pranshu Sikka learns that the regulator is still investigating Murty's sale of Satyam shares in December prior to the aborted Maytas deal.
The Sebi has been probing the selling of shares by Satyam's top management including AS Murty with an alleged violation of insider trading norms in mind.
Sources say the Sebi has information regarding the transactions and is looking into whether these transactions were done with a know-how of Satyam's reality.
Murty has been reported to have offloaded most of his stake just before the Maytas deal, after which prices of the beleaguered tech company headed southward.
Earlier, T Hari, Head - Marketing and Communication, Satyam, had said the company was not concerned regarding Murty's December stake sale.
"The board spoke to Murty about his role," Hari had said, andadded that the board had carried out due diligence about Murty's share sale.
