Satyam an aberration in system; company functioning as usual
The government said that it was business as usual at Satyam Computer ever since a new board took its reins following an accounting scam, which the Corporate Affairs Minister described as an aberration.business Updated: Feb 14, 2009 02:27 IST
The government on Friday said it was business as usual at Satyam Computer ever since a new board took its reins following an accounting scam, which the Corporate Affairs Minister described as an aberration.
"Satyam is a stand alone case. Our corporate sector is very matured and our IT sector is respected worldwide," Prem Chand Gupta, Minister of Corporate Affairs, said in the Lok Sabha during Question Hour.
Different investigating agencies -- SEBI, Registrar of Companies (RoC) and Serious Fraud Investigation Office (SFIO) -- are looking into the fraud and "I assure you that those found guilty would be meted out severe punishment."
With regard to two companies promoted by Satyam founder Ramalinga Raju's family -- Maytas Infra and Maytas Properties, the minister said that "as per the initial investigations certain interconnection has been found and therefore, SFIO's ambit of investigation has been expanded to these two firms also."
CPI-M member Rupchand Pal, however, alleged that the scamster (referring to the main accused Ramalinga Raju) is being protected.
"Operation cover-up is going on... The scamster is under protected custody and enjoying 5-star facilities," Pal said.