SFIO to begin probe into Satyam soon: Khurshid

Last Updated: Monday, November 16, 2009 - 15:21

New Delhi: The government on Monday said the
Serious Fraud Investigation Office (SFIO) will begin
prosecution into the Satyam scam this month.

"During this month, the SFIO will begin the prosecution on
those or those areas of company laws that the SFIO is expected
to and have been authorised to proceed with," Corporate
Affairs Minister Salman Khurshid told a press conference here.

He said the agency is "dutifully and diligently" pursuing
what it is supposed to do in the Satyam case.

The SFIO, an arm of the Corporate Affairs Ministry, had
investigated the multi-crore rupee Satyam accounting fraud and
submitted its reports to the Government detailing violations
of company law by founder chairman B Ramalinga Raju and
others.

The investigating agency will initiate proceedings on
about 30 charges, mostly under the Companies Act of 1956,
while the Central Bureau of Investigation (CBI) will be acting
on five or six charges involving criminal offences under the
penal code, sources said.

The Corporate Affairs Ministry had asked the SFIO to
initiate prosecution in the Satyam case after obtaining
opinion of the Solicitor General, sources said.

Bureau Report



First Published: Monday, November 16, 2009 - 15:21

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