Mumbai, Jan 12: The Small Investors Grievances
Forum, headed by former MP Kirit Somaya, on Monday said it would
file a public interest litigation in the Bombay High Court
tomorrow demanding an independent investigation into Satyam
scam.
"The regulatory mechanism has failed entirely (in
Satyam scam). We are demanding an independent investigation in
the case," Small Investors Grievances Forum's President and a
former member of Parliament Kirit Somaya told a news agency here.
The respondents of the PIL would be market regulator
SEBI, auditor PriceWaterhouseCoopers, the Union Government,
the ICAI amongst others.
Other demands of the investors include inspection of
Satyam share transactions in the past three months,
blacklisting of PwC and immediate steps to compensate retail
investors.
India's fourth largest IT company Satyam Computers
plunged into a crisis following the revelations of its former
Chairman B Ramalinga Raju that the company's accounts were
manipulated for seven years, resulting in a scam of Rs 7,800
crore.
The Government scrapped Satyam's board and appointed
three new members in the reconstituted board to salvage the
company.
Bureau Report
First Published: Monday, January 12, 2009, 00:00