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Govt. orders Serious Fraud Investigation Office to probe Satyam scandal.

Byline: ANI

New Delhi, Jan 13 (ANI): The government today ordered the Serious Fraud Investigation Office (SFIO) to probe the Satyam scandal.

Corporate Affairs Minister Prem Chand Gupta told reporters here that the SIFO would submit its report in three months.

The probe has been ordered after receiving a report from the Registrar of Companies (RoC) in Hyderabad, which inspected the books of accounts of Satyam Computer Services and eight other companies belonging to the kin of the former chairman B Ramalinga Raju.

Meanwhile, the CB-CID conducted raids at the office of the Price Waterhouse Coopers (PWC) in Hyderabad.

The CID has also reportedly taken into custody Ramakrishna, an auditor with the PWC to unravel the criminal conspiracy.

Earlier, the Union Commerce and Industry Minister, Kamal Nath said that the Government may consider a bail out package to save the jobs of thousands of the company's employees, and also save the institutional investors from massive financial losses.

Meanwhile, Prime Minister Manmohan Singh met SEBI Chairman C.B. Bhave and other senior government officials to review the situation arising out of the Satyam fiasco.

Dr. Singh has asked the Cabinet Secretary K.M. Chandrasekhar to co-ordinate the different steps being taken to help the company overcome the crisis. (ANI)

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Publication:Asian News International
Geographic Code:9INDI
Date:Jan 13, 2009
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