No duplication in Satyam probe: Govt

“It (the investigation) is not duplicating. It is complimenting and supplementing each other. ED looks for any misuse of funds violating the financial legislation and CBI is looking at IPC violation and we (Corporate Affairs Ministry) are looking for company law violations,” he said here.

Khurshid was talking to reporters on the sidelines of ‘India Investor Week’, organised by the Federation of Indian Chambers of Commerce & Industry (Ficci).There are three kinds of violations involved in the fraud at the IT firm and each agency will handle its respected area of violations, he said.

Khurshid said the case, which came to light in January 2009, is being coordinated by CBI and supervised by the Solicitor General of India. Ramalinga Raju, Satyam founder and the then chairman, last year had admitted to fudging the books of accounts of the IT company.
To a question he said there is no limit on number of chargesheets to be filed in the case being tried in a local court. “They (chargesheets) can be filed even during the trail if we get any fresh evidence. At present we have collected enough material and evidence for a successful prosecution.” Maytas properties plunged in to trouble after the Satyam accounting scam broke out. Maytas Hill County – the flagship project of the company - could not be completed even after collecting huge amounts from people, who were promised luxurious residential apartments.

The minister said the Company Bill, which envisages stricter corporate governance norms, was likely to be cleared in winter session of Parliament.

DH Newsletter Privacy Policy Get top news in your inbox daily
Comments (+)