The claim described an earlier position that has since changed.
SEBI ordered in July 2014 that Satyam's founder and others return Rs 1,849 crore in unlawful gains with interest and barred them from the securities market for 14 years.
- Claim made by
- Business Standard, press report
- Published
- 12 May 2017
- Evidence score
- 80 How it was scored
- Last reviewed
- 25 October 2026
Why this label
The 2014 order is described in a PTI reportS6. In May 2017 the Securities Appellate Tribunal upheld the finding of violations but sent the ban and disgorgement back to SEBI for a fresh orderS6. Business Standard reports that a November 2018 SEBI order set disgorgement at Rs 813 crore, that the tribunal remanded again in February, and that SEBI cut the figure to Rs 622 croreS7. An NSE circular of 1 December 2023 forwards SEBI order WTM/AN/SRO/SRO/29840/2023-24 dated 30 November 2023 and lists a market ban till 14 July 2028S8. The order keeps a restraint in place pending civil appeals in the Supreme Court numbered from 2017S8. The Rs 1,849 crore figure no longer reflects SEBI's position. The Rs 622 crore figure rests on the press report, as the part of the circular read does not state it.
Current procedural position
SEBI order of July 2014 remanded by the Securities Appellate Tribunal in May 2017S6. Revised SEBI order WTM/AN/SRO/SRO/29840/2023-24 dated 30 November 2023 sets a ban till 14 July 2028S8 and, as reported, disgorgement of Rs 622 croreS7. Supreme Court civil appeals of 2017 cited in the order as pendingS8. No later ruling found as of October 2026.
Record supporting the assessment
from Rs 813 crore to Rs 622 crore
remand the matter to the file of the WTM of Sebi for passing fresh order
Till July 14, 2028
shall continue to remain under restraint as directed by the Hon'ble Supreme Court till appeals in C.A. Nos. 11298/2017, 8242/2017, 10215/2017, 9493/2017 and 9524/2017 are decided
Conflicting or limiting record
asked to return Rs 1,849 crore in unlawful gains
Evidence score: 80 of 100
The score grades how well the record establishes this assessment. It is not a score of Satyam Computer Services Limited. Score = source authority + directness + corroboration + procedural accuracy + currency + reproducibility.
| Component | Points | Max | Reason |
|---|---|---|---|
| Source authorityIs the source competent to establish the proposition? | 24 | 30 | An exchange circular forwarding the SEBI order, with the amount from press. |
| DirectnessDoes the source state the proposition or only discuss adjacent facts? | 18 | 20 | The reports state the old and new amounts directly. |
| CorroborationDo independent records support the same material point? | 13 | 15 | The circular and two Business Standard reports agree on the sequence and the ban. |
| Procedural accuracyDoes the record settle the procedural state the claim describes? | 9 | 15 | The latest SEBI order is in the record, but Supreme Court appeals cited in it remain pending. |
| CurrencyHas the record been checked against later developments? | 7 | 10 | Checked to December 2023, with no later order found in 2025 or 2026 searches. |
| ReproducibilityCan a reader locate the passage and repeat the assessment? | 9 | 10 | The circular and both reports are public. |
| Total | 80 | 100 |
Timeline
- SEBI orders a 14-year ban and Rs 1,849 crore disgorgementS6
- Tribunal remands the penalty to SEBIS6
- SEBI sets disgorgement at Rs 813 croreS7
- Tribunal remands again. The report gives the month only, read here as February 2023S7
- SEBI order sets a ban till 14 July 2028S8, reported as cutting disgorgement to Rs 622 croreS7
- NSE circular forwards the SEBI order to membersS8
Related cases
- SEBI v. B Ramalinga Raju and other Satyam promotersSecurities and Exchange Board of India, with appeals to the Securities Appellate Tribunal. Regulatory. WTM/AN/SRO/SRO/29840/2023-24 (order of 30 November 2023).Stage: Revised SEBI order dated 30 November 2023. Supreme Court civil appeals of 2017 cited in the order as pending.
Revision history
- Assessment first published with label Outdated.
Have a record that changes this assessment? See corrections and responses.
Sources
- S7Tier C Satyam Computer case: Sebi lowers disgorgement amount to Rs 622 croreBusiness Standard. Press report. 1 December 2023.Report by Khushboo Tiwari on the 2018 and 2023 SEBI orders. It does not cover any appeal against the 2023 order.Link working, checked 25 October 2026
- S6Tier C Satyam case: SAT asks Sebi to pass fresh order on Raju's punishmentBusiness Standard (Press Trust of India). Press report. 12 May 2017.Reports the 2014 SEBI order and the May 2017 tribunal remand. The day of the tribunal order is given inconsistently. Its amounts were later replaced.Link working, checked 25 October 2026
- S8Tier A SEBI Order in the matter of Satyam Computers Services LimitedNational Stock Exchange of India (Investigation Department). Regulator order. 1 December 2023.NSE circular 248/2023 forwarding SEBI order WTM/AN/SRO/SRO/29840/2023-24 of 30 November 2023 and listing market bans, including one till 14 July 2028. The part read does not state the final disgorgement figure.Link working, checked 25 October 2026
Other claims about Satyam Computer Services Limited
- Partly supported76Satyam's books overstated its cash and bank balances by Rs 5,040 crore, as its founder wrote to the board in January 2009.Company statement, 7 January 20094 records citedAccounting
- Unresolved50Lawyers for Satyam's founder told a Hyderabad court in July 2010 that he never wrote the January 2009 confession letter.Press report, 9 March 20153 records citedFraud
- Supported72A Hyderabad court convicted Satyam's founder and nine others in April 2015 and sentenced them to seven years' rigorous imprisonment.Press report, 11 May 20153 records citedFraud