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Satyam: Sebi-SEC joint probe unlikely

February 09, 2009 11:21 IST

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US market regulator Security and Exchange Commission and Sebi (Securities and Exchange Board of India) are not in favour of a joint investigation into the Satyam [Get Quote] case, a top source said.

An SEC team was in Mumbai mid-last week to meet with top Sebi officials before proceeding to Hyderabad to interact with Satyam's newly-appointed Board members.

The team is understood to have expressed to Sebi officials its concerns over the fate of institutional investors in the IT-major's New York Stock Exchange-listed American Depository shares (ADRs), the source told PTI here.

"They came here to share their concerns on behalf of US investors who have lost a lot of money after Satyam's shares plummeted in the aftermath of the scam," the source said.

The Satyam scam, India's biggest-ever, unfolded in early-January when its founder, B Ramalinga Raju, confessed to cooking up its books to the tune of thousands of crores (billions).

Shares of the company fell to a record-low of Rs 6 immediately after his confession, prompting regulators and the Indian government to take swift action.

The government scrapped the then Satyam board and replaced it with eminent personalities such as HDFC [Get Quote] Chairman, Deepak Parekh, former Nasscom Chief, Kiran Karnik, and former Sebi member, C Achuthan, among others.

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