Focus on ex-Satyam honchos’ assets
In a significant development in the ongoing Satyam saga, the company law board placed restraints on the bank accounts and assets of the erstwhile top management and directors of the company. HT Correspondent reports.business Updated: Jan 21, 2009 22:41 IST
In a significant development in the ongoing Satyam saga, the company law board on Wednesday placed restraints on the bank accounts and assets of the erstwhile top management and directors of the company.
The board also ordered erstwhile Chairman Ramalinga Raju, B Rama Raju, Rammohan Rao Mynampati, Srinivas Vadlamani and G J Jayaraman to disclose their bank accounts, movable and immovable properties by February 20.
"With a view to ensure that persons who were at the helm of affairs of Satyam are not allowed to profit from any diversion of siphoning of funds from the company, government had sought restraint orders against them before the CLB," said P C Gupta, minister of company affairs.
"They have been ordered to disclose particulars of their banks accounts, movable and immovable properties and they are disallowed to alienate, charge, mortgage or sell any of their shares, securities and fixed assets without the leave of the CLB," he said.
The company has been in the eye of a raging storm after its founder Ramalinga Raju admitted to reporting inflated revenues and profits in its balance sheets to the tune of over Rs 7500 crore on January 7. Investigations on Satyam and eight other related companies are being carried out by the Serious Fraud Investigating Office.