Satyam can remain afloat on its own: Pranab MukherjeeFebruary 19th, 2009 - 2:08 pm ICT by IANS
New Delhi, Feb 19 (IANS) The government would not bail out any “individual” company like Satyam Computer Services if found guilty of fraud, Minister for External Affairs Pranab Mukherjee said Thursday. He maintained the IT bellwether could sustain itself if managed professionally.
Satyam, which has been plagued by controversy since December following a failed takeover attempt of Maytas Infrastructure and Maytas Properties - belonging to the IT company’s promoters - shook the country after former chairman and founder B. Ramalinga Raju confessed to a Rs.70-billion (Rs.7,000-crore/$1.43-billion) accounting fraud.
“The government is not interested to bail out any wrong-doer. The company holds significant importance in its sector and has several international clients. The company has adequate incumbent assets, which can make the company run if managed professionally,” Mukherjee said while answering a question in the Rajya Sabha.
The government has taken several steps since the scam came to light including superseding the Hyderabad-based company’s board and appointing its own nominees, in addition to handing over the criminal probe to the Central Bureau of Investigation (CBI).
Raju, his brother and then managing director Rama Raju, as well as former chief financial officer Vadlamani Srinivas are under arrest.
Mukherjee said apart from the CBI, the Serious Fraud Investigation Office (SFIO) and the Securities Exchange Board of India (SEBI) are also investigating the fraud.
“CBI has been given the case to investigate the criminality of the matter and it will take some time to come out with the results.”
- Satyam case: no bail for Raju, seven others - Aug 30, 2011
- Raju, others denied bail in Satyam scam - Aug 04, 2011
- CBI plea against Ramalinga Raju's bail to be heard Monday - Aug 29, 2010
- Mahindra Satyam, Tech Mahindra Ltd merge - Mar 21, 2012
- Andhra High Court adjourns hearing on Raju's bail plea - Aug 05, 2010
- Court dismisses pleas for postponing Satyam trial - Sep 24, 2010
- Satyam case: Apex court notice to CBI on Raju's bail plea (Second Lead) - Oct 21, 2011
- Court reserves verdict on Raju's bail plea - Aug 16, 2010
- Former Satyam chief Raju gets bail (Lead) - Aug 18, 2010
- Satyam scam: Court dismisses discharge plea of nine accused - Oct 25, 2010
- Supreme Court cancels bail of Raju, five others (Second Lead) - Oct 26, 2010
- Five accused in Satyam scam get bail (Lead) - Jul 20, 2010
- Timeline of events surrounding Satyam Computer - Apr 13, 2009
- Satyam Ramalinga Raju released on bail - Nov 05, 2011
- Stage set for Mahindra Satyam's merger - Mar 20, 2012