Investor group wants Sebi to supersede Satyam board
BS Reporter / Mumbai Jan 08, 2009, 19:02 IST
Mumbai-based investor protection group Small Investor Grievances Association (SIGA) headed by former BJP MP Kirit Somaiya has written a letter to stock market regulator SEBI and has asked for immediate superseding of Sataym 's current board and handing over of the management to internationally reputed persons and ensure company do not go bust to protect the value of the stock held by small investors.
Similarly it has also written a letter to Institute of Chartered Accountant of India (ICAI), investors body has demanded Satyam's auditors Pricewaterhouse Coopers (PwC) should be immediately debarred permanently from doing business in India due to its association with some other scam hit corporate entities in the past like Global Trust Bank (GTB), its role during Ketan Mehta stock market manipulation etc.
In another letter to the BSE and NSE it has demanded, payouts of those who short-sold on Satyam and other companies should be stopped immediately and caused erosion of shareholders value. The SIGA has also demanded properties of promoters of Satyam, PwC and its directors in India also should be ceased by the government authorities.
Gud action as far as small investors risk concern, what is more important that all this getting into actual implementation or else as usual small investors will suffer....
This serves the corrupt and fraudulent Indian companies right. I can almost be certain that similar situation exists in Infosys, Patni and WIPRO. These are all apparently, acording to my opinion,corrupt companies involved in accounting, hiring, business process etc. malpractices and fraud at various levels. I hope all US and EU companies immediately cancel ALL their outsourcing and local resource augmentation plans immediately and cancel their visas & send all those people packing back to India.
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