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Govt may hand over Saytam probe to SFIO soon

January 12, 2009 19:54 IST

The government will soon hand over investigations into the Satyam [Get Quote] case to the Serious Fraud Investigation Office, which hitherto has been assisting the Registrar of Companies in the probe.

"The government will formally hand over investigations in the Satyam case to the SFIO," sources in the ministry of corporate affairs said on Monday.

The Registrar of Companies in Hyderabad, where the head office of the crisis-ridden company is located, will be a part of the SFIO team to probe the case, sources added.

Earlier on Friday, the ministry dispatched the SFIO team consisting advisers and inspectors to Hyderabad to assist RoC in the Satyam probe.

The MCA has already ordered an inspection by the RoC (Hyderabad) of eight subsidiaries of Satyam, including Maytas Infra and Maytas Properties, the companies promoted by the family of disgraced Satyam founder chairman B Ramalinga Raju.

Earlier, corporate affairs minister Gupta had said the cases would be referred to the SFIO after receipt of a report from the the RoC, Hyderabad.

However, sources indicated that the probe would handed over to the SFIO before waiting for a report from RoC, Hyderabad.

The minister had earlier said that "RoC (Hyderabad) has already seized voluminous documents from various premises of the company".

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