Business Standard
Friday, Jun 01, 2012
Sponsored by  
drived banner
drived banner
  Advanced Search
RSS
Content Guide
Follow us on  
||||Economy & Policy||||| 
 Section Home | News Now | Today's Paper | Features & Analysis | Politics & Public Affairs | Q&A | Columnists | BS Says
Home > Economy & Policy Live Markets | Commodities
 

Satyam, Maytas will be prosecuted if found they diverted funds
Press Trust of India / New Delhi Aug 08, 2009, 14:28 IST

The government is investigating whether Satyam and Maytas siphoned off funds from their respective companies and whosoever is found guilty would be prosecuted according to the law.     

Revealing this, Corporate Affairs Minister Salman Khurshid today said, "any aspect, any dimension relating to their (Maytas and Satyam) relationship is under investigation... Reports would be made available whether money has been siphoned off and then the law will take its own course."     

Reports have been doing the rounds that Maytas Properties and Maytas Infra, the firms promoted by the founder of Satyam, B Ramalinga Raju, had diverted money.     

Speaking to reporters on the sidelines of a Assocham event, the minister said prosecution in the multi-crore Satyam fraud case would be carried on an urgent basis.     

"The core issues are accountability of people in Satyam and we now want to give undivided attention to prosecution...You can treat it as highest urgency," he added.     

The CBI has already filed a chargesheet in the Satyam scam which came into light early this year when Raju confessed to manipulating books of accounts of the company for several years.     

However, the Serious Fraud Investigation Office, which investigated the case, is yet to file a charge sheet.  

The government is in consultation with the CBI and the law ministry for filing prosecution in the case.    

As regards reports that Satyam and his family-promoted firm, Maytas Group, along with its other group companies owe Rs 541 crore in income-tax dues, Khurshid said, "I have no idea... Satyam now looks after itself... (it can) take its own decision. In case there is something where we can be relevant and be of any help, we will be ready to help".     

The minister of state for finance, S S Palanimanickam, yesterday in the Lok Sabha had said that the outstanding demand pending for recovery in the entire group (Satyam and Maytas and other group companies) was Rs 541 crore.     

Out of the total dues, Satyam Computer, which has now been renamed as Mahindra Satyam, alone owes a hefty Rs 532 crore to the income tax department.

New Ipad Application :Business Standard's all new IPad App
Click here to download for free
Arrow Other Stories     
- Markets post worst May performace since 2006
- Kavveri Telecom Q4 net declines over 6%
- Wall Street opens flat on economy worries
- RIM to set up first BlackBerry innovation zone in India
- Rajaratnam bragged about sources of inside info: Gupta lawyers
  Read Business news in 
- Help a Child Achieve her. Click to know more
- Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol.
- Watch The Film Here. Click here to know more..
- 1 billion in saving for Unilever without any tangles.
- One Partnership Endless Possibilities. Click here to know more
- Which is the best plan for your daughter
- Check out the TRUE COLOURS of your Stocks, Now for FREE!
- One of the leading business schools in the world.Know More
Sorry, comments to this story are closed
Latest Messages
Table for Two
  Now available at Special price
  Rs.280/- Only

  Buy Now
BS POLL
UPA 2 has completed three years. How do you rate its performance?  Read the story
  Good
  Average
  Bad
Submit
Most Popular
Read
E-Mailed
Commented
   
- Bharat Bandh sussessful in Chhattisgarh
- Toyota launches financial services, to invest Rs 260 cr
- Sebi plans data format change for FII reports
- Kiss the sky
- Tata Motors skids as margins dip at JLR
 
 More  
New Ipad Application
 Business Standard's all new IPad  App
 Click here to download for free
  Hot Searches  
 
Apalya |  Air India |  GAAR |  Agni  |  Solar eclipse |  Satyamev Jayate |  SRK |  Aamir Khan |  IPL |  Ertiga |  Sarfaesi Act |  Vodafone |  JP Morgan |  Transfer pricing |  Rupee |  Kingfisher Airlines |  Silver |  Provident Fund |  income tax refund |  iPhone |  Reliance Industries |  SEBI |  BSNL |  BSE |  NSE |  Mukesh Ambani |  Anil Ambani |  Infosys |  Pranab Mukherjee |  Sonia Gandhi |  Rahul Gandhi |  New Pension Scheme |  Reliance |  RBI |  GDP |  Gold |  Ratan Tata |  ICICI |  B-School |  Sensex |  Tax calculator |  Home Loan |  Personal Finance |  inflation |  oil prices |  Barack Obama |   
 
  Member Area Write to the Editor RSS Archives Advanced Search
  Subscribe to BS print product BS e-paper Newsletter Portfolio Tracker
  BS Products BS Hindi BS Motoring BS Books
Home | Markets & Investing | Companies & Industry | Banking & Finance | Economy & Policy | Opinion
Life & Leisure | Management & Marketing | Tech World | General News
About Us | Partner With Us | Code of Conduct | Careers | Advertise with us| Terms & Conditions | Disclaimer | Contact Us