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India urges SEC not to fine Satyam

India has urged the US Securities Exchange Commission not to impose fine on Satyam, now Mahindra Satyam, as imposing a fine would impede the rehabilitation process of the company.

business Updated: Dec 15, 2009 16:34 IST

India has urged the US Securities Exchange Commission not to impose fine on Satyam, now Mahindra Satyam, as imposing a fine would impede the rehabilitation process of the company.

"We have urged the Securities Exchange Commission that there should be no penalties imposed on Satyam as it will ultimately fall on the shareholders," Minister of State for Corporate Affairs Salman Khurshid told reporters in Kolkata.

Satyam has been put back on its feet. Imposition of penalty would deter the process of rehabilitation that has already begun in a very creative manner, he said.

Khurshid said that the Centre had reached the SEC through SEBI which has an agreement with the US regulator.

"But, we do not know whether SEBI has got the information on the penalty. We are in touch with the US government, but the SEC is an autonomous body," he said.

He said that in the US, there was a system of imposing penalties on defaulting companies.