SEBI & RoC start investigation into Satyam scam

SEBI & RoC start investigation into Satyam scam

SEBI & RoC start investigation into Satyam scam

With an order from an economic offences court, special teams of the Securities and Exchange Board of India (SEBI) and the Registrar of Companies (RoC) began investigations into the Rs. 7,100-crore fraud at the registered corporate offices of Satyam Computer Services at Madapur and Secunderabad on Thursday.

A three-member SEBI team, led by its Southern Region general manager A. Sunil Kumar, spoke to senior Satyam executives about the veracity of the confessional statement of B. Ramalinga Raju, who quit as Chairman on Wednesday.

The team also contacted top officials of the Andhra Pradesh government to seek cooperation in the probe. The team is believed to have visited the office of the company’s auditors, PricewaterhouseCoopers (PwC), whose accounting procedures have come under the scanner.

SEBI and RoC will also check the books and records of the subsidiary companies of Satyam group.

The subsidiaries whose accounts would be verified are:

* Maytas Properties
* Maytas Infrastructure
* Satyam BPO
* Nipuna Services
* Knowledge Dynamics
* Nitor Global Solutions
* CA Satyam ASP
* Satyam Venture Engineering Services.

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