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Satyam: BJP questions role of SEBI, govt

January 09, 2009 16:03 IST

Demanding a probe by central regulatory agency into the financial irregularities committed by software company Satyam Computer Services [Get Quote], the Bharatiya Janata Party (BJP) on Friday alleged that a scam of such proportions was not possible without the support of SEBI, MCA, Planning Commission and the Andhra Pradesh government.

"There are scams coming out of a scam....Was the government sleeping when it occurred? Even the Planning Commission did not take any action. This shows high mismanagement of the economy," senior BJP leader Murli Manohar Joshi said.

He accused Andhra Pradesh Chief Minister Y Rajshekhar Reddy of doing a flip-flop on the issue by first praising Satyam and its founder Ramalinga Raju and then back tracking.

"On what basis did he give them a clean chit?" Joshi said adding, "has this company also been educating the politicians like Enron did?"

Demanding a "dispassionate and ruthless" investigation of the scam Joshi said, "the role played by auditing companies, rating agencies, SEBI, Ministry of Company Affairs, banks and financial institutions and independent directors should be examined".

He said though E Sreedharan, who pioneered the Delhi metro, had informed the Planning Commission that Raju was diverting the route of the Hyderabad metro towards areas where he owned land, no action was taken. 

The Satyam fiasco: Complete Coverage

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