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Why Murty sold Satyam shares
Hyderabad: A.S. Murty, Chief Executive Officer of Satyam Computer Services, has said he sold shares in December to pool finances required for the construction of his house.
Murty sold 40,000 shares in three tranches (on December 12, 15 and 16, 2008) ahead of the controversial decision taken by the erstwhile board to acquire Maytas Properties and Maytas Infra, the two companies owned by the kin of B. Ramalinga Raju, Satyam’s former Chairman.
“Yes, I had sold some shares to finance construction of my house which is nearly completed. These shares were sold after following due process under Satyam’s Insider Trading Guidelines,” he said.
“The new board has looked into the sale and conducted its due diligence on this issue as well, before requesting me to anchor this role. This issue has also been cleared by the legal advisors,” Murty pointed out.
Murty was among some top Satyam leaders, who sold the company shares heavily in the last two years. Murty sold some 3.14 lakh shares from October 2004.
source: http://sify.com/finance/fullstory.php?id=14855143&cid=14832589
Why Murty sold Satyam shares
Hyderabad: A.S. Murty, Chief Executive Officer of Satyam Computer Services, has said he sold shares in December to pool finances required for the construction of his house.
Murty sold 40,000 shares in three tranches (on December 12, 15 and 16, 2008) ahead of the controversial decision taken by the erstwhile board to acquire Maytas Properties and Maytas Infra, the two companies owned by the kin of B. Ramalinga Raju, Satyam’s former Chairman.
“Yes, I had sold some shares to finance construction of my house which is nearly completed. These shares were sold after following due process under Satyam’s Insider Trading Guidelines,” he said.
“The new board has looked into the sale and conducted its due diligence on this issue as well, before requesting me to anchor this role. This issue has also been cleared by the legal advisors,” Murty pointed out.
Murty was among some top Satyam leaders, who sold the company shares heavily in the last two years. Murty sold some 3.14 lakh shares from October 2004.
source: http://sify.com/finance/fullstory.php?id=14855143&cid=14832589
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