The Hindu : Andhra Pradesh News : Inquiry by HC Judge sought into Satyam issue

Online edition of India's National Newspaper
Friday, Jan 09, 2009
ePaper | Mobile/PDA Version

Andhra Pradesh

Andhra Pradesh

Inquiry by HC Judge sought into Satyam issue

Special Correspondent

FBV demands cancellation of land allotted at Kapulauppada

Forum’s convenor finds fault with SEBI for Satyam fraud
Says the Forum had warned State about allotment of projects

VISKHAPATNAM: The Forum for Better Visakha demanded the Government to order an inquiry by a sitting judge of the High Court into the Satyam Computers scam as a CID inquiry would only help in shielding the guilty politicians and bureaucrats.

The Forum also demanded the Government to cancel the allotment of 50 acres of land to Satyam Computers at Kapulauppada at a throwaway price recently and also the MoU with Maytas on the Hyderabad Metro Rail project. Forum’s convenor and a former Union Secretary E.A.S. Sarma and C.S. Rao of Praja Spandana at a press conference here on Thursday also demanded cancellation of land to other companies like the NCC, Unitech, DFL, Anrak, Jindal and for power plants at Bhavanapadu and Machilipatnam and for other industries as their deals appeared to be doubtful in nature and meant to benefit the politicians more than the public.

Dr. Sarma said the forum had warned the State Government in the past about allotment of projects and land to these companies in view of their doubtful financial capability and the Department of Corporate Affairs and the SEBI were not quick to launch an inquiry into the Satyam-Maytas deal. Also a request made to the Chief Secretary to inquire into land allotments to various companies failed to get a response.

In the light of Satyam Computers main promoter admitting the fraud he had committed, it could be possible that the financial particulars given by Maytas to get the Hyderabad metro and other projects could be wrong. Dr. Sarma also found fault with SEBI for the Satyam Computers fraud. Also the board of directors of Satyam and other companies should not allow a fraud to take place. They should show their responsibility by inquiring what was happening in the company. He also wondered why the companies would continue with an auditor for decades.

Regulatory bodies like SEBI should be independent and statutory so that they could function well and without pressures, like the Election Commission, he said.

Printer friendly page
Send this article to Friends by E-Mail

Andhra Pradesh