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The Securities Appellate Tribunal has set aside a Sebi order wherein erstwhile Maytas Infra was directed to disgorge unlawful gains worth Rs 59 crore in the Satyam Computer scam that came to
light in 2009. Maytas Infra was later acquired by IL&FS Engineering and Construction Company. The tribunal's decision follows an order passed by the Supreme Court in May this year, wherein it
was held that several entities, including B Teja Raju, could not be considered as insiders in the Satyam matter. Teja Raju, son of Satyam scam kingpin B Ramalinga Raju, was a
director of Maytas Infra. Citing the Supreme Court ruling, the SAT said the impugned decision of Sebi which held that Maytas Infra was an insider on account of its director Teja
Raju "cannot be sustained". In September 2015, Sebi had ruled that several entities, including Maytas Infra, had made unlawful gains by transacting in the shares of erstwhile Satyam Computer Services while
they were in possession of unpublished price sensitive information. The transactions were done with complicity and involvement of Satyam's Chairman B Ramalinga Raju and ex-Managing Director B Rama Raju, Sebi had
said. The regulator had directed the entities to disgorge unlawful gains to the tune of Rs 543.93 crore and out of the total amount, little over Rs 59 crore was to
be disgorged by Maytas Infra. As per Sebi, Maytas Infra was an 'insider' on the ground that its director Teja Raju was reasonably expected to be privy to unpublished price sensitive
information relating to the fraud committed at Satyam Computer during the period from 2001 to 2008. In its ruling, dated June 22, the tribunal said there is nothing on record to
suggest that Ramalinga Raju was a promoter of Maytas Infra. Citing the Sebi order passed by one of its Whole Time Members (WTMs) in September 2015, the SAT also said the
light in 2009. Maytas Infra was later acquired by IL&FS Engineering and Construction Company. The tribunal's decision follows an order passed by the Supreme Court in May this year, wherein it
was held that several entities, including B Teja Raju, could not be considered as insiders in the Satyam matter. Teja Raju, son of Satyam scam kingpin B Ramalinga Raju, was a
director of Maytas Infra. Citing the Supreme Court ruling, the SAT said the impugned decision of Sebi which held that Maytas Infra was an insider on account of its director Teja
Raju "cannot be sustained". In September 2015, Sebi had ruled that several entities, including Maytas Infra, had made unlawful gains by transacting in the shares of erstwhile Satyam Computer Services while
they were in possession of unpublished price sensitive information. The transactions were done with complicity and involvement of Satyam's Chairman B Ramalinga Raju and ex-Managing Director B Rama Raju, Sebi had
said. The regulator had directed the entities to disgorge unlawful gains to the tune of Rs 543.93 crore and out of the total amount, little over Rs 59 crore was to
be disgorged by Maytas Infra. As per Sebi, Maytas Infra was an 'insider' on the ground that its director Teja Raju was reasonably expected to be privy to unpublished price sensitive
information relating to the fraud committed at Satyam Computer during the period from 2001 to 2008. In its ruling, dated June 22, the tribunal said there is nothing on record to
suggest that Ramalinga Raju was a promoter of Maytas Infra. Citing the Sebi order passed by one of its Whole Time Members (WTMs) in September 2015, the SAT also said the
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