Satyam investigation is virtually over: Khursheed

Last Updated: Tuesday, August 11, 2009 - 23:44

Mumbai: Corporate Affairs Minister Salman
Khursheed on Tuesday said that the investigation into Satyam scam
case by SFIO is virtually over except for the probe by the I-T
department into areas of siphoning of funds.

"As far as Serious Frauds Investigation Office is
concerned, its investigation is virtually over. Now, it is to
file its final report. It has given us an interim report where
most of the things have been included. Prosecution and
charge-sheet have been filed by the CBI," Khursheed said.

SFIO would file its final report very soon, he said,
adding that the Government would ensure that the prosecution
is done expeditiously and for this purpose the Government had
sought the nomination of an appropriate court by the High
Court. The High Court has agreed to do so.

The minister also added that the SFIO would be empowered
with more teeth in the Company Bill.

Khursheed said that something like "corporate social
credit" needs to be developed in India to enable corporates to
reap tax benefits for doing something institutionally in the
company.

"We have pursued a policy that somebody who takes care
of what is essentially a government`s responsibility, that
person is exempted from paying tax, like investing in
education," he said.

"Similarly there are many areas which the company can
do directly as setting up a foundation or a charitable
society and there if it puts money, it gets an exemption,"
Khursheed said.

"If you do something institutionally in the company,
you should also get the same advantage as you get if you put
the money in the trust or society," he said justifying the
need to develop a corporate social credit in the country.

The Ministry, he said, was looking on the issue of
Independent Directors and trying to bring in more clarity on
their responsibilities.

The Satyam scam came into light after its founder B
Ramalinga Raju admitted to fudging of accounts in January.

Bureau Report



First Published: Tuesday, August 11, 2009 - 23:44

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