Friday, January 09, 2009

SEBI & RoC seize all Satyam Files

Minister for Corporate Affairs Prem Chand Gupta said here that the government has seized the books of accounts of tainted software maker Satyam Computer Services.

"After obtaining judicial order from the magistrate in Hyderabad, the Registrar of Companies (RoC), in coordination with market regulator SEBI, went to the office of Satyam and seized the documents from its premises," Minister for Corporate Affairs Prem Chand Gupta said. The minster said that the operation went on till 5 on Friday morning.

The minister said that a eight-member team has already been rushed to Hyderabad to investigate the accounts of Satyam and its eight subsidiary companies.

Mr Gupta further said that he has been requested by the Andhra Pradesh Chief Minister to form an committee to investigate into the Satyam episode.

"I have received a letter from Andhra Pradesh CM, where he suggested that a committee be formed to investigate into the Satyam case." He said that while the letter requested for having certain persons of certain IT companies' to be part of the proposed committee, the matter is yet to be decided.

Source: economictimes.indiatimes.com

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