US SEC team meets Sebi officials to discuss Satyam case
A special team of the American capital market watchdog Security and Exchange Commission met Sebi officials to get first-hand information about the fraud-hit Satyam Computer.india Updated: Feb 04, 2009 22:34 IST
A special team of the American capital market watchdog Security and Exchange Commission (SEC) on Wednesday met Sebi officials in Mumbai to get first-hand information about the fraud-hit Satyam Computer.
The US regulator is believed to have got an account of the progress in the investigations into India's biggest corporate scandal.
The visiting team will now have discussions with the Board of Satyam Computer in Hyderabad on Thursday.
Following Satyam's founder and former Chairman B Ramalinga Raju's confessions that he cooked the firm's balance-sheet for several years, US investors have filed over a dozen lawsuits against the software major in various courts in America.
Satyam, whose shares plunged to historical lows after the Rs 7,800-crore scam came to light on January 7, has its American Depository Shares (ADRs) listed on the New York Stock Exchange.
Meanwhile, Satyam board would continue its meeting tomorrow in Hyderabad to discuss funding and appointments of a CEO and CFO for the company, amongst other issues.
First Published: Feb 04, 2009 22:32 IST