Court adjourns market regulator’’s plea to quiz former Satyam chief

January 31st, 2009 - 1:29 pm ICT by ANI  

Ramalinga Raju

Hyederabad, Jan 31 (ANI): A judge of a trial court in Hyderabad has adjourned to February 9, the hearing of petition of the Securities and Exchange Board of India (SEBI) to grill Ramalinga Raju, the founder of Satyam Computer Services.
The court said it would not pass an order without hearing from Raju and his brother B Rama Raju. “As far as permission to interrogate in concerned, I pressed for an interim order but the court said it would not like to pass such an order without hearing them. So he said that aspect will also be considered on February 9,” said Goolam E. Vahanvati, Solicitor General and also counsel for SEBI.
On January 7, B Ramalinga Raju confessed to fraudulent manipulation to the tune of rupees 7,136 crores over several years by inflating the company’’s profits and assets.
Although the Satyam scandal, India’’s biggest corporate fraud, has shattered global confidence in India’’s corporate governance, the other IT companies have assured the rest of the world that all relevant services are professionally and ethically in order and as such there should be no room for any doubt about the professional integrity of Indian companies. (ANI)

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