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Source: media reports

MCA seeks fresh probe into Satyam

MCA seeks fresh probe into Satyam
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First Published: Mon, Aug 17 2009. 10 21 PM IST
Updated: Mon, Aug 17 2009. 10 21 PM IST
New Delhi: The ministry of corporate affairs has asked the Serious Frauds Investigation Office (SFIO) to further probe the swindle at Satyam Computer Services Ltd and submit a fresh report by mid-October, a government official said on condition of anonymity.
The rationale for a fresh probe is to provide evidence of fund diversion from the firm by its earlier promoters. Ministry officials had earlier said they may not be able to launch an independent prosecution based on the voluminous SFIO report submitted on 13 April.
The ministry is now of the view that the first SFIO report does not have sufficient content that allows the launch of prosecution and withstand the legal scrutiny that hearings at a court would entail, the official said.
The first report had pointed to several instances of fund diversion but the SFIO had not been able to track down the money trail. It is hoped that a fresh report will lay bare the actual money trail and associated facts, which may also allow for recovery proceedings to be launched, the official said.
The SFIO has also been asked to coordinate its probe with other government agencies that have independently investigated the scam.
The Central Bureau of Investigation is probing the matter and has initiated prosecution against the accused in the case.
cnbctv18@livemint.com
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First Published: Mon, Aug 17 2009. 10 21 PM IST