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LS to discuss Satyam issue tomorrow
February 18, 2009 12:55 IST
The Lok Sabha will discuss on Thursday developments at Satyam Computer Services [Get Quote] that was rocked by a Rs 7,800 crore (Rs 78 billion) accounting fraud, prompting the government to take over operations to prevent damage to the Indian IT industry.
This was decided in the business advisory committee meeting, where the leaders of various political parties agreed for a discussion on the fraud.
The short duration discussion in the Lok Sabha was listed for February 13 but was deferred following a request from leader of the Opposition L K Advani.
Minister of corporate affairs P C Gupta is likely to reply to the discussion.
The case had led to bitter exchanges between Andhra Pradesh Chief Minister Y S Rajasekhara Reddy and his predecessor Chandrababu Naidu, with each accusing the other of aiding company founder Ramalinga Raju. Raju on January 7 had disclosed what has now become the country's biggest financial fraud involving Rs 7,800 crore (Rs 78 billion).
In a letter to Satyam's board, he had said that profits were falsified for years and that fictitious assets were created. Several government agencies including the Serious Fraud Investigation Office, Securities and Exchange Board of India, and the Andhra Pradesh police CB-CID are investigating the case.
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