Tuesday, January 13, 2009

PM steps in & calls high-level meet over Satyam

The Prime Minister has called for a high-level meeting on the Satyam scam. The meeting will be held later on Tuesday.

Key Cabinet members -- Home Minister P Chidambaram, Foreign Minister Pranab Mukherjee, Commerce Minister Kamal Nath and Deputy Chairperson of the Planning Commission Montek Singh Ahluwalia will attend the meet chaired by the Prime Minister.

On the agenda is the impact of the Rs 7000 crore fraud on India Inc. Union Minister Kamal Nath has already said that the government would consider all aspects, including financial aid, in helping the crisis-ridden company.

Before the high-level meet, PM Manmohan Singh held discussion with Commerce Minister Kamal Nath and is believed to have reviewed the Satyam issue.

Meanwhile, the sources say that the CID is searching the offices of PricewaterhouseCoopers in Hyderabad. The sources have also said that the investigating agency is all set to call former independent director of Satyam Computer, Rammohan Rao in for questioning.

Former interim CEO of Satyam Ram Mynampati is also likely to be quizzed by CID, the sources added.

On their part, the Registrar of Companies (RoC) is reported to have submitted its report to the Centre on the preliminary probe into the Satyam scam.

Sources said that RoC Hyderabad submitted its report on Monday night to Minister of Corporate Affairs Prem Chand Gupta and this report would be the basis for handing over the case to the Serious Fraud Investigation Office (SFIO).

The SFIO is already assisting the RoC in the probe, but is being formally handed over the investigations.

The Registrar of Companies in Hyderabad, where the head office of crisis-ridden Satyam is located, will be a part of the SFIO team to probe the case, sources added.

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