Prosecution free to prove Raju guilty: Centre

Prosecution free to prove Raju guilty: Centre

The government is awaiting reports from the ED and the US agency before deciding whether or not accounts of the Ramalinga Raju family-promoted Maytas firms need restating.

“The Enforcement Directorate and the IRS are investigating aspects about the money having been moved abroad. We don’t have a final report. But the prosecution doesn’t have to wait for the report because the culpability can be proved on the grounds already established,” Khurshid told reporters here.

The accounts of scam-hit IT firm Satyam Computer Services, now Mahindra Satyam, are in the process of being restated after Raju, its founder-chairman, last January admitted to fudging accounts of nearly Rs 8,000 crore for years.

The IRS is looking into the matter as Hyderabad- headquartered Satyam’s ADRs (American Depositary Receipts) are listed in the New York Stock Exchange.

“The SFIO (Serious Fraud Investigation Office) probe into Satyam is over. We are waiting for courts in Andhra Pradesh to move forward,” Khurshid said. The government wants greater disclosures and shareholder democracy in the way companies function.

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