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India Govt orders inspection of 8 Satyam firms

NEW DELHI: Taking a tough stand on Satyam financial fiasco, corporate affairs minister Prem Chand Gupta said that there would not be laxity
against the guilty.

The government has ordered inspection of eight Satyam companies under Companies Act.

“We are very clear and a co-ordinated action would be taken,” he told reporters when asked what action would be taken against Raju and auditors.

On the delay by the Andhra Pradesh government, Gupta said “there was no delay…with this kind of action, what has been done so far in the last three days, I think this does not happen anywhere in the world.”

“Bank statements of the company are still missing and we will get them as part of the probe,” Gupta said.

“The new board of directors will meet within 7 days,” added the minister.

Source / courtesy : TOI