The Minister of Corporate Affairs Prem Chand Gupta today said that the Satyam fraud probe has been given to Serious Fraud Investigation Office (SFIO).
“SFIO would be looking at the entire gamut of irregularities and any other related anomalies in the account books of Satyam and any other act of omission or commission,” he said.
SFIO has been given 3 months time to come out with the report. The government has taken this decision based on the report by Registrar of Companies (RoC). The minister, however, declined to share the findings of RoC.
"The SFIO will be looking into the entire gamut of irregularities and other related anomalies... The (irregularities) in books of accounts and other acts of commission and omission."
"The investigating agency also been asked to go into all aspects (and role of) directors, promoters, Satyam company, auditors and all," he said.
On the role of the regulator and regulation, the minister said, "This is an issue which is also being looked into by the government. We will have detailed discussions on this."
As regards appointing more directors on the board of Satyam, Gupta said Corporate Affairs Secretary Anurag Goel was in constant touch with the board and "a decision (to appoint more directors) will be taken without delay...As and when required. We are working on that".
The government on Sunday appointed a three-member board comprising HDFC Chairman Deepak Parekh, former Nasscom President Kiran Karnik and former Securities Appellate Tribunal (SAT) Presiding Officer C Achuthan to salvage Satyam Computer.
Talking to newspersons after the first meeting of the new board yesterday, Parekh had said that more directors were likely to be appointed by the government.
The government, according to the order of the Company Law Board (CLB), which disbanded the Satyam board, can appoint at most 10 directors on the board of IT company.
