US mkt regulator focuses on auditors role in Satyam fraud
Press Trust of India / New Delhi Aug 30, 2009, 16:10 IST
American capital market regulator the Securities and Exchange Commission (SEC) has completed its probe in India into the multi-crore rupee Satyam fraud case, especially the role of auditors.
A team of the Commission came to India following filing of over a dozen class action lawsuits in the US against the promoters and managers of the IT firm on behalf of investors, who purchased American Depository Shares of the company between January 6, 2004 (the listing date in the US) and January 6, 2009 (the day before Raju's letter).
In these lawsuits, Satyam Computer, its promoters and management were charged with duping thousands of American investors of billions of dollars by artificially inflating share prices.
The SEC team has conducted detailed discussions with the CBI specifically on the role of auditors in the multi-crore rupee scam.
During the discussions, the team of Commission looked into particular details about the way accounts were allegedly fudged in the tainted computer firm and also at the role accounting firms involved in the same.
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