Prima facie major diversion of funds from Satyam: Govt | india | Hindustan Times
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Prima facie major diversion of funds from Satyam: Govt

The Govt said prima facie there appeared "diversion" of funds from scam-tainted Satyam where the facts and figures in the balance sheet are not based on correct information.

india Updated: Jan 18, 2009 15:24 IST

The Government on Sunday said prima facie there appeared "diversion" of funds from scam-tainted Satyam where the facts and figures in the balance sheet are not based on correct information.

"Prima facie aisa lagta hai ki diversion of funds ka kuch issue hai, jo facts and figures balance sheet mein show kiye gaye hai, they are not based on the correct information... galat kaam toh bahut hua hai," Corporate Affairs Minister Prem Chand Gupta told PTI on how serious the Satyam crisis was.

Asked if there was a need to hand over the Satyam case to CBI in the face of reports of involvement of politicians with company's founder B Ramalinga Raju, he said, "As of now no such thing has surfaced... Whatever is needed will be done... the government has ordered inspection of eight companies (Satyam subsidiaries)... Investigation by SFIO has also been ordered".

On a query if the government feared a major land scam in Satyam's Maytas fiasco, the minister said he was not in a position to make any political statement on the issue.

At the same time he said the first information about Satyam is encouraging as the company's liabilities were not much. "Information ke hisaab se company ke upar bank aur institutions ki koi major liability nahi hai".