ED looks afresh into Satyam's role in Ketan Parekh scam

The government has said the Enforcement Directorate (ED) is looking afresh into the possible involvement of crisis-ridden Satyam Computer Services in the multi-crore Ketan Parekh securities scam.

In view of the recent developments in Satyam Computer, following the admission of fraud by its founder B Ramalinga Raju, the Action Taken Report (ATR) on recommendations of JPC on the stock scam tabled in Parliament yesterday said, "the matter is being looked into afresh" by the Enforcement Directorate.

Satyam, which figures among the list of promoter firms being investigated in the securities scam, was recently acquired by Tech Mahindra, a software company belonging to the Mahindra Group.

Following the disclosure of accounting fraud by Raju in January, the government superseded the board of the Satyam replacing it with its own nominees.

As regards the involvement of other promoter companies in the Ketan Parekh securities scam like Himachal Futuristic Communications, Zee Telefilms and Adani Exports, the report said the adjudicating authority has been advised to complete the proceedings by this month-end.

The government had set up the Joint Parliamentary Committee (JPC) to probe the securities scam that hit the stock market during 1999-2001.