Satyam directors acted like rubber stamps: CBI

The CBI, conducting investigations into the accounting scam of Satyam Computer Services, today said all the directors on the board of the beleaguered firm had acted as “rubber stamps” and “not even a single dissent note” was recorded during the board meetings.

The Central Bureau of Investigation (CBI), conducting investigations into the accounting scam of Satyam Computer Services, on Sunday said all the directors on the board of the beleaguered firm had acted as “rubber stamps” and “not even a single dissent note” was recorded during the board meetings.

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“Meetings were conducted in perfunctory manner. In the meetings, the promoters were always present to influence decisions. There were no open discussions,” said J.L. Negi, general manager, RBI, currently on deputation with the CBI.

The scam washed away Rs 14,000 crore from investors.

The investigators have found majority of the Satyam top brass and the auditors of the company as guilty. The case is being heard in a court in Hyderabad.

The first piece of evidence was nailed after the investigating agency found out that there were manual entries made in the system to include fraudulent sales, Negi said.

“We realised that the culprits were using computers which could not be tracked. We used the data in the office entry swipe machines and found that a set of people used to come to office during the night, usually towards the end of the quarter or the month, to generate fictitious invoices,” Negi said.