In the ongoing Satyam trial, three bankers deposed before the special court today to give records of the transactions conducted by Satyam Computer Services Ltd.
Ganesh Subramanyam, assistant general manager of IDBI Bank-Abids branch here, said Satyam had placed Rs 5 crore in fixed deposits in February 2004 for a 15-day tenure. The company continued to renew the fixed deposits along with the interest accrued on it and over a 50-day period, earned a net interest of over Rs 1 lakh.
The bank made a tax deduction at source (TDS) on the interest and paid the remaining to Satyam on the maturity date, while informing about the TDS to the income tax department. The bank said Satyam did not have any other fixed deposits or any kind of account with any of its branch. M Gopalakrishna, retired deputy manager (accounts) of SBI at a local branch, said Satyam had current accounts in the branch since 1997. He said the company did not have any other transactions with the bank.
D V V Satish, manager of Bank of Nova Scotia, too, said Satyam had fixed deposits in the bank. It usually collected the funds to be placed in the fixed deposits either through cheques or transfer of funds from other banks. It gave a fixed deposit receipt indicating the date of deposit, amount, interest and tenure.
He said the bank had safeguards to ensure the staff did not tamper with the account details stored in multiple servers at Hyderabad, Bangalore and Mumbai.
The defence counsel said the documents deposed before the court were not in accordance with the Bankers' Book Evidence Act. The Central Bureau of Investigation said it was necessary to record the transactions of Satyam with various banks to put things in perspective.
