Govt hopeful US will not impose penalty on Satyam

KOLKATA, INDIA: Corporate Affairs Minister Salman Khurshid said here on Tuesday the government is hopeful that the capital market regulator in the United States would not impose any penalty on Satyam Computer Services Ltd.

Also read: India urges US SEC not to fine Satyam

The market regulator in India, Securities Exchange Board of India (SEBI) had earlier requested the Securities Exchange Commission (SEC), the US regulator, to waive the penalty on Mahindra Satyam for frauds committed by its previous management.

"I don't have any formal information. My informal information is there is no cause of worry," Khurshid told reporters on the sidelines of a seminar on financial inclusion by FICCI.

Also read: SC notice to Satyam on ex-US partner's appeal

The SEC has been investigating Satyam's operations in the US as it is listed in the New York Stock Exchange.

Regarding the Satyam case, he said: "Prosecutions are going on. All the chargesheets have been filed, all the investigations are over. There may be some that the Enforcement Directorate is carrying on, trying to find whether there is any money going across the border. But that do not prevent the prosecution from going forward."

Also read: CBI for second opinion on Satyam ex-chief's health

The ministry has provided some more time to Mahindra Satyam to present the balance sheets of previous years.

The multi-billion Satyam scam hit headlines in 2009. Subsequently Tech Mahindra that provides telecom software services took over Satyam following which the name of the company was changed to Mahindra Satyam.