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No probe ordered yet into Maytas affairs: Sebi

BS Reporter in Mumbai | January 22, 2009 10:01 IST

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The Securities and Exchange Board of India has not formally ordered any investigation into Maytas Infrastructure, a company owned by Satyam Computer Services [Get Quote] Promoter Ramalinga Raju's son.

Further, the market regulator has not got any request from the Satyam board asking for an extension to publish the financial results.

However, Sebi will consider the request if they receive it, clarified Sebi Chairman C B Bhave who was briefing mediapersons after the Sebi board meeting.

The Sebi board reviewed the progress it has made so far in the investigations in the matter of SCSL in its meeting on Wednesday.

While Sebi has not been able to question Ramalinga Raju yet, a team of Sebi officials in Hyderabad has already questioned people from the internal finance department as well as the auditors. Sebi will also ask for information about the fixed deposits of SCSL.

To a question on whether the investigation in the Satyam scam was being hampered by the presence of several investigating agencies, "When two or three agencies are operating, they operate in co-ordination with each other. That doesn't mean they take identical steps. They are very much in co-ordination with each other.

Ultimately these things are not decided by Sebi, or the ministry of corporate affairs or the CID. These things are decided by the judge and we must submit to the rule of law," said Bhave.

While the ministry of corporate affairs has not yet made an attempt to question Raju, Sebi will act in conjunction with MCA when that happens.

The regulator has also written to the independent directors of SCSL asking them what went wrong in the aborted Satyam-Maytas deal.

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