Charges against Satyam to be filed this month: Khurshid
16 Nov 2009
Corporate affairs minister Salman Khurshid promised today that the Serious Frauds Investigation Office would file charges against those involved in the accounting fraud at Satyam Computer Services Ltd this month.
"The SFIO is dutifully pursuing what it is supposed to do. During this month, it will begin prosecution," Khurshid told reporters at a press conference in New Delhi.
The SFIO, an arm of the corporate affairs ministry, is one of the several agencies investigating the Satyam accounting fraud – the biggest in India's corporate history, running to at least Rs7000 crore. The company's founder and chairman B Ramalinga Raju is currently in custody along with alleged associates in the scam.
The investigating agency will initiate proceedings on about 30 charges, mostly under the Companies Act 1956, while the Central Bureau of Investigation (CBI) will be acting on five or six charges involving criminal offences under the penal code, according to reports.
