Action on Maytas after ED, IRS reports

Action on Maytas after ED, IRS reports

The accounts of scam-hit IT firm Satyam are in the process of being restated after Raju, its founder chairman, disclosed to fudging accounts for years.

“Enforcement Directorate is looking at Maytas as well. We are waiting for a final report on restating of accounts, besides we are also awaiting a final report by the ED and IRS on the alleged diversion of funds to Maytas Infra and Maytas Properties from Sataym,” Corporate Affairs Minister Salman Khurshid told reporters here.

Govt nominees

The government had put its nominees on Maytas Infra’s board, after the Satyam scam came in the open in January.

“It’s to understand whether their (Satyam and Maytas) relation went into something that required some investigation. We don’t have anything available on it now,” he said. Since, both ED and IRS are looking at it, the ministry will wait for a report from them, Khurshid added. The IRS is looking into the matter as Satyam’s ADRs are listed in the New York Stock Exchange.

Success story

He said the ministry was satisfied on developments in Satyam, which was steered by a government-appointed board after the scam and was subsequently sold to Tech Mahindra. “This is a success story in terms of moving from crisis to rehabilitation so quickly.”

“At present we have to say that we are happy with the progress, but, of course a lot more has to be done and they are working on it and I don’t want to say something which impedes their efforts,” Khurshid said. Reacting to a query whether the Independent Directors were liable for action, Khurshid said it was up to the investigating agencies to say on it.

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