Government hopeful US will not impose any penalty on Satyam
July 13th, 2010 - 5:25 pm ICT by IANSKolkata, July 13 (IANS) Corporate Affairs Minister Salman Khurshid said here Tuesday the government is hopeful that the capital market regulator in the United States would not impose any penalty on Satyam Computer Services Ltd.
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.
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.”
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.
- $10m US settlement in firm's interest, says Mahindra Satyam - Apr 06, 2011
- Mahindra Satyam merger with Tech Mahindra likely next year - May 23, 2011
- India asks US regulator not to levy fine on Satyam - Dec 15, 2009
- Mahindra Satyam-Tech Mahindra merger put on hold - Feb 14, 2011
- Satyam to pay $10mn to US regulator to settle fraud charges - Apr 06, 2011
- Satyam, PWC units to pay penalties for accounting frauds - Apr 06, 2011
- Mahindra Satyam to acquire minority stake in Dion Global - Feb 10, 2012
- Mahindra Satyam to exit American Depository Share programme - Aug 10, 2011
- Mahindra Satyam's merger with Tech Mahindra next year - Nov 10, 2011
- Two-fold jump in Mahindra Satyam's net profit - Aug 10, 2011
- Satyam informs market regulator on bidding process - Mar 25, 2009
- Stage set for Mahindra Satyam's merger - Mar 20, 2012
- Mahindra Satyam appoints three executives for Americas - Nov 22, 2010
- Mahindra Satyam, Tech Mahindra Ltd merge - Mar 21, 2012
- IT department freezes accounts of Mahindra Satyam - Mar 22, 2011
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