RoC to take SEBI help in Satyam probe
The Economic Offences Court in Hyderabad has allowed Registrar of Companies to take market regulator SEBI's help in its probe into Satyam's affairs.business Updated: Jan 10, 2009 16:50 IST
The Economic Offences Court in Hyderabad has allowed Registrar of Companies to take market regulator SEBI's help in its probe into Satyam's affairs. RoC had sought permission from the court to "search and seize" the books of accounts, papers including electronic record of Satyam Computer at its registered office in Hyderabad and other possible places.
Giving its permission for the search and seizure operation, the judge also allowed the RoC Hyderabad to take assistance of the officials of SEBI for conducting the search. In its petition, RoC also sought permission to retain seized material, restrain any damage to them, and also seek the police help in the operation.
RoC said that Satyam appeared to have committed "serious irregularities by showing artificial and inflated profits for the last several years and thereby projecting the fictitious figures and facts in the balance sheets attracting the violations of the Companies Act, 1956, SEBI Act 1992 etc."