Hyderabad, Feb 6: Reports suggest that the top Satyam officials sold their shares in the company in a span of three months before ex-CEO Ramalinga Raju tried to push the bid to buy Maytas Infrastructure and Maytas Properties controlled by his sons.
According to a data posted on Bombay Stock Exchange (BSE) it is learnt from a combined sale of about 106,000 shares (Oct 1 to Dec 16) top 5 executives reaped Rs 2.5 crore. The shares were sold in 16 transactions. Sources said that the new CEO of Satyam, A S Murthy sold 40,000 shares in two transactions on Dec 12 and Dec 16 for Rs 90 lakh. His percentage holding now stands at 0.01 per cent after this transaction.
Meanwhile Manish Mehta, Satyam's global head of South Africa, sold shares on 7 occasions starting from Nov 28 to Dec 15. His holding now stands at 0.03 per cent. Similarly, K Sriram, vice- president of Collaborative Enterprise Solutions, sold 13,000 shares in four transactions between October 21 and December 11. His holding after the last transaction came down to nil.
Experts say that the executives sold the shares when the price
of Satyam stocks started sliding due to the global economic
slowdown. But Vadlamani Srinivas, the former Chief Financial
Officer (CFO) of Satyam, who is in jail now sold 92,358 shares in
two transactions in Sep and gained Rs 3.07 crore. Ram Mynampati,
the dislodged interim CEO of the company sold 25,000 shares on June
4, when Satyam stocks were priced at Rs 486 and got richer by Rs
OneIndia News (With inputs from Agencies)