The Hindu : Business : SEC shares info with SEBI

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SEC shares info with SEBI

Special Correspondent

Satyam appoints lawyers to fight class action lawsuits

HYDERABAD: A four-member team of the U.S. Securities ad Exchange Commission (U.S. SEC) arrived here on Thursday and interacted with the board of directors of Satyam Computer Services.

The board said in a statement that Latham & Watkins had been the lawyers of Satyam for over eight years and they would continue to support the company in its ongoing dialogue with the US SEC. Rinell Randolph Jr., an Attorney at the SEC, said that the commission would neither confirm nor deny the existence of an investigation, unless it brought charges against anybody. “This is to protect the integrity and effectiveness of our investigative process,” said the attorney in an e-mail reply to a query on the scope of investigation.

An agreement entered into by the SEC and the Securities and Exchange Board of India (SEBI) in 1998 would facilitate sharing of information and mutual cooperation in the enforcement of laws related to securities in both countries. Accordingly, it is learnt that the SEC officials were seeking SEBI’s help in eliciting information.

This also means that the SEBI sleuths, who are questioning the former Satyam Chairman, B. Ramalinga Raju, may collect the information required by the US SEC too. The Satyam board on Thursday appointed Wachtell, Lipton, Rosen & Katz ( www.wlrk.com) as its lawyers to fight the dozen class action lawsuits filed against it in the U.S.

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