RoC asked to submit report on Satyam

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RoC asked to submit report on Satyam

Govt of India to refer the case to the Serious Fraud Investigation Office

Wednesday, January 07, 2009

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NEW DELHI, INDIA: Following the startling revelations of the Satyam Computer chairman about the wrongdoings in the organization, the Government of India said on Wednesday that the case would be referred to the Serious Fraud Investigation Office (SFIO), while asking the Registrar of Companies in Hyderabad to submit a report on the IT firm by January 14.

The Government also made it clear that stern action under the law would be taken against the guilty after verifying the facts.

"We have received communication from Ramalinga Raju. The facts need to be verified. We have communicated the message to the Registrar of Companies in Hyderabad and given them a deadline of January 14, by when we will have all the information," Corporate Affairs Minister P C Gupta told reporters here.

After verifying the facts, the case would be referred to SFIO, he said. He also said the role of company secretaries, auditors and finance officials in Satyam Computer is also being looked into.

"Stern action would be taken under the law ... No leniency would be shown if they are found guilty," the minister said.

Meanwhile, the Institute of Chartered Accountants of India (ICAI), the apex body of Chartered Accountants, said any member of the body found guilty in the Satyam scam would be severely punished and the auditors could even be barred from practicing for the lifetime.

"We will ensure that to any person who has not worked according to our standards and our expectations, severe punishment be given," said ICAI President Ved Jain.

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Ravi Guntur said on 1/8/2009 12:27:33 PM:
I very much agree to the points, stated above. What PWC (pricewaterhousecoopers) The worlds largest professional services firm doing, were they sleeping or dancing to the tunes of Raju. If found guilty, they should be banned from practicing for the life time OR kick them out from India forever. Institute of Chartered Accountants of India (ICAI, Are you listening?

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