Govt orders serious fraud probe into Maytas | india | Hindustan Times
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Govt orders serious fraud probe into Maytas

The Govt said that investigations into matters relating to Satyam Computers have revealed an apparent nexus between the company with Maytas Properties. To aid the ongoing investigations, SFIO has been authorised to obtain books, records and papers from these two companies. See graphics

india Updated: Jan 20, 2009 01:43 IST
HT Correspondent

The government on Monday said that investigations into matters relating to Satyam Computers have revealed an apparent nexus between the company with Maytas Properties and Maytas Infra Ltd. To aid the ongoing investigations, Serious Fraud and Investigation Office (SFIO) has been authorised to obtain books, records and papers from these two companies.

Minister of Company Affairs Prem Chand Gupta told reporters that an approval for similar investigations could be extended to the other six related companies if such a need was felt.

“Inspectors investigating matters related to Sayam have informed about apparent nexus between the events that have taken place in Satyam and Maytas Properties and Maytas Infra Ltd,” he said. “In exercise of powers under the Companies Act 1956, the government has approved and authorised SFIO inspectors to obtain such papers as they deem necessary from the two firms.” He, however, refused to elaborate on details of the nexus but promised an intensification of the investigation process in days to come.

“The SFIO investigations would cover all aspects of the companies, including present and previous directors, banks, board members and auditors,” he said. SFIO which was handed over the case on January 13, has three months to submit its final report.