Satyam, Maytas will be prosecuted if found they diverted funds

Satyam, Maytas will be prosecuted if found they diverted funds

Revealing this, Corporate Affairs Minister Salman Khurshid on Saturday said, "any aspect, any dimension relating to their (Maytas and Satyam) relationship is under investigation... reports would be made available whether money has been siphoned off and then the law will take its own course."

Reports have been doing the rounds that Maytas Properties and Maytas Infra, the firms promoted by the founder of Satyam, B Ramalinga Raju, had diverted money.

Speaking to reporters on the sidelines of a Assocham event, the minister said prosecution in the multi-crore Satyam fraud case would be carried on an urgent basis.
"The core issues are accountability of people in Satyam and we now want to give undivided attention to can treat it as highest urgency," he added.

The CBI has already filed a chargesheet in the Satyam scam which came into light early this year when Raju confessed to manipulating books of accounts of the company for several years.

However, the Serious Fraud Investigation Office, which investigated the case, is yet to file a charge sheet.

The government is in consultation with the CBI and the law ministry for filing prosecution in the case.

As regards reports that Satyam and his family-promoted firm, Maytas Group, along with its other group companies owe Rs 541 crore in income-tax dues, Khurshid said, "I have no idea... Satyam now looks after itself... (it can) take its own decision. In case there is something where we can be relevant and be of any help, we will be ready to help".

The minister of state for finance, S S Palanimanickam, on Friday had said in the Lok Sabha that the outstanding demand pending for recovery in the entire group (Satyam and Maytas and other group companies) was Rs 541 crore.

Out of the total dues, Satyam Computer, which has now been renamed as Mahindra Satyam, alone owes a hefty Rs 532 crore to the income tax department.

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