Asking the government not to use taxpayers money to bail out scam-struck Satyam, the CPI(M) on Friday demanded confiscation of about 17,500 acres of land, given to it and two Maytas companies by the Andhra Pradesh government, to pay for the salaries of its 53,000 employees.
Mynampati, who is now being questioned by the team of market regulator SEBI, got a total package of over Rs 3.5 crore (Rs 35 million) during the year ended March 2008, while founder and Chairman had to contend with just about one fifth.
"We have asked the RoC to look into the matter, get the information from the company and inform us within three weeks as to what is the factual story. Only when we have the information can the government do anything," Union Corporate Affairs Minister Prem Chand Gupta said in New Delhi pm Saturday.
In an economic downturn such as this, when the markets have crashed, there are many more Satyams which are vulnerable to hostile takeovers because the promoters do not have a controlling stake. Such promoters will be tempted to take cash out of their companies and park it elsewhere.
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Ramalinga Raju founded Satyam in 1987.
Based on internal evaluation and legal opinion, the management was of the opinion that the company has the ability to ultimately recover the aforesaid ICDs
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Corporate lawyers say the fine on independent directors will make them more cautious and some will be wary of taking assignments from companies with low corporate governance standards.
The tribunal posted the matter for further hearing in December, when it will decide whether to admit the pleas of the Raju brothers and others against Sebi order.
Besides the chief minister of Telangana, Modi was accompanied by Governor of Andhra Pradesh and Telangana E S L Narasimhan, Union Minister for Housing and Urban Affairs Hardeep Singh Puri, Telangana's IT Minister K T Rama Rao and state Bharatiya Janata Party chief K Laxman in the much-awaited train's inaugural run.
The incidence of shareholder activism in India is more than that in other Asian countries, according to a BNP Paribas Asia Strategy report.
The Sensex ended down 251 points at 27,351 and the Nifty shed 65 points to close at 8,228.
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