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SEC to visit Sebi, Satyam Board in 2 days

February 03, 2009 17:28 IST

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A high-level delegation from the US Securities and Exchange Commission is expected to meet capital market regulator Sebi and Satyam [Get Quote] Board in the next two days to gather information on the Satyam scandal.

"The SEC team will meet Sebi officials in Mumbai on Wednesday to update itself about recent developments regarding the fraud-hit IT major, whose shares are also listed at the New York Stock Exchange," a source in the know told PTI on Tuesday.

The team will then proceed for discussions with the government-appointed Board of Satyam Computer Services in Hyderabad on Thursday to assess the present status of India's fourth- largest software firm.

Following the confessions of Satyam's founder and former chairman B Ramalinga Raju that he had cooked up the firm's balance-sheet for several years, US investors have filed over a dozen law suits against the company in various US courts.

Satyam, however, has appointed counsels to defend itself and "is confident that it will be able to tackle the legal issues," the source said.

"We are confident that Satyam will be able to defend itself on the legal front," he said. Meanwhile, Sebi today received permission from the country's apex court to interrogate Ramalinga Raju and his brother Rama Raju in connection with the Rs 7,800-crore (Rs 78-billion) accounting fraud in the IT company.

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