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A team from India’s capital markets regulator will meet Satyam’s Raju

A team from India’s capital markets regulator will meet Satyam Computer Services Ltd. founder Ramalinga Raju on Saturday, and the government moved to take over the company’s board, as the official response to this week’s stunning allegations of fraud at the beleaguered outsourcer built up steam.

The Securities and Exchange Board of India and the Registrar of Companies, an official body that Indian companies have to register with, took possession of Satyam’s books and are in touch with Chief Financial Officer Srinivas Vadlamani. In addition, India’s Company Law Board has authorized the government to replace the directors on Satyam’s board with government nominees. And acting more broadly, the SEBI said it will review auditors’ working papers for companies in the benchmark NSE Nifty 50-share index and the BSE Sensex 30-share index.

Source: WallStreet