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| Sebi-SEC joint investigation in Satyam case unlikely |
| Press Trust of India / Mumbai Feb 09, 2009, 10:49 IST |
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US market regulator Security and Exchange Commission (US SEC) and Sebi are not in favour of a joint investigation into the Satyam case, a top source said.
An SEC team was in the city mid-last week to meet with top Sebi officials before proceeding to Hyderabad to interact with Satyam's newly-appointed Board members.
The team is understood to have expressed to Sebi officials its concerns over the fate of institutional investors in the IT-major's New York Stock Exchange-listed American Depository shares (ADRs), the source told PTI here.
"They came here to share their concerns on behalf of US investors who have lost a lot of money after Satyam's shares plummeted in the aftermath of the scam," the source said.
The Satyam scam, India's biggest-ever, unfolded in early-January when its founder, B Ramalinga Raju, confessed to cooking up its books to the tune of thousands of crores.
Shares of the company fell to a record-low of Rs six immediately after his confession, prompting regulators and the Indian Government to take swift action.
The Government scrapped the then Satyam board and replaced it with eminent personalities such as HDFC Chairman, Deepak Parekh, former NASSCOM Chief, Kiran Karnik, and former Sebi member, C Achuthan, among others.
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