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Satyam: Secretaries' panel reviews progress

February 10, 2009 19:06 IST

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A high-powered committee of secretaries on Tuesday reviewed the progress of investigation into the Satyam [Get Quote] fraud case, which is being probed by various agencies, including Serious Fraud Investigation Office, market regulator Securities and Exchange Board of India and CB-CID of the Andhra Pradesh government.

The review meeting, according to government officials, was attended by the representatives of different ministries, including finance and corporate affairs, Sebi and AP government.

The meeting, chaired by Cabinet secretary K M Chandrasekhar, assumes significance as it comes only a day after Andhra chief minister Y S Rajasekhara Reddy requested Prime Minister Manmohan Singh to handover the probe in the Satyam Computer Services case to the premier investigating agency, Central Bureau of Investigation.

Singh had earlier directed Chandrasekhar to coordinate the actions of various agencies probing the case.

The Rs 7,800-crore (Rs 78-billion) Satyam fraud, which has international ramifications, came to light after the founder chairman of the IT company B Ramalinga Raju admitted to fudging of books of accounts of the firm for several years.

Several persons, including Raju, other company officials and partners of the auditing firm Price Waterhouse have been arrested in connection with the case by the state's investigating agency CB-CID.

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