The government has said that the Satyam fraud is an isolated case and does not represent corporate India in any way, though the episode has raised several questions on the country’s corporate sector.
PC Gupta, corporate affairs minister, told the Lok Sabha on Friday that the government’s job has been to prove that this is an aberration and not a general practice.
The minister said that the government has already ordered investigation into the books and records of Satyam under the Companies Act. The inspectors investigating the affairs of the Satyam have also been empowered under Section 240(1A) of the Act to obtain any documents or records from Maytas Properties and Maytas Infra as necessary for the purpose of investigation.
Kiran Karnik chairman of the IT firm, said that the restatement of Satyam’s accounts was under way. Underlining that the board would like to have as many suitors as possible, Karnik said the bidding process is expected to be outlined in the next seven to 10 days.