Saturday, January 17, 2009

Serious Fraud Investigation Office probe into Satyam scam - - 11 Jan 09

NEW DELHI: The government on Tuesday ordered the Serious Fraud Investigation Office (SFIO), an entity that probes cases of economic offences of grave nature to probe the Satyam case after receiving a preliminary report from the Registrar of Companies. ( Watch )

"The SFIO will look into the entire gambit of the scam and will submit its report within three months,” said minister of corporate affairs Prem Chand Gupta.

“Action will also be taken on auditors, PricewaterhouseCoopers if they are found guilty,” said Gupta.

Last night, the Registrar of Companies, Hyderabad, submitted its report to the Centre on its preliminary probe into the Satyam scam. The RoC inspected the books of accounts of Satyam Computer and eight other companies belonging to the kin of the former chairman B Ramalinga Raju.

The SFIO was already assisting the RoC in the probe, but has now being formally handed over the investigations.

Earlier on Friday, the Ministry of Corporate Affairs (MCA) had dispatched the SFIO team, consisting advisers and inspectors, to Hyderabad to assist RoC in the Satyam probe.

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