CBI to file charge-sheet on Satyam scam after getting replies from 6 nations

Minister of state for corporate affairs RPN Singh informed Parliament that the Serious Fraud Investigation Office (SFIO), along with the CBI and the Enforcement Directorate, was still probing diversion of funds and role of individual directors in the scam that came to light in January 2009

New Delhi: The Central Bureau of Investigation (CBI) will file its final charge-sheet on Rs14,000-crore Satyam fraud after receiving responses to the Letters of Rogatory (LoRs) seeking information in this regard from six countries, Parliament was informed today.

The CBI is reported to have sent LoRs-a formal request sent from the court of one country to a foreign court for judicial assistance-to six countries: the USA, the UK, Belgium, British Virgin Islands, Mauritius and Singapore, reports PTI.

"CBI has issued Letters of Rogatory to six countries.  Since charge-sheets will be filed after getting the information from these countries, no time limit can be indicated," minister of state for corporate affairs RPN Singh said in a written reply in Lok Sabha.

Mr Singh was replying to a question on by when the CBI was expected to file final charge-sheets on the Satyam scam.

Mr Singh further informed Parliament that the Serious Fraud Investigation Office (SFIO), along with the CBI and the Enforcement Directorate, was still probing diversion of funds and role of individual directors in the scam that came to light in January 2009.

He added that the accounting regulator ICAI is yet to punish the six CAs involved in the scam and disciplinary proceedings are underway.

In January 2009, Satyam founder and former chairman B Ramalinga Raju had confessed of having cooked the books of the company for several years. Mr Raju is at present behind the bars and cases relating the scam are being tried in a special court in Hyderabad.

User

Insurance: Entering by the back door

Banned by the regulator, cover continuance has come back, discovers  Raj Pradhan. Investors know...

Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MSSN member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
NMDC to set up Rs150-crore plant in Karnataka

NMDC will be setting up a 300,000-tonne capacity plant to make iron ore concentrate from iron ore waste with an investment of Rs150 crore in Karnataka

State-run miner NMDC Ltd will be setting up a 300,000-tonne capacity plant to make iron ore concentrate from iron ore waste with an investment of Rs150 crore in Karnataka, a top executive of the PSU said.

The mining major has reserves to the extent of 12 million tonnes of iron ore waste from which iron can be extracted further. The waste has been generated over a period from regular mining, NMDC chairman and managing director Rana Som said.

"We have evolved certain processing mechanism in our R&D centre whereby we are in a position to extract a certain percentage of iron from them (waste). We are spending Rs150 crore for a 300,000 tonne per annum plant in Donimalai (Karnataka) where the waste are available," he said.

On Thursday, NMDC ended 1.24% down at Rs265.75 on the Bombay Stock Exchange, while the benchmark Sensex declined 3% to 17,632.41

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)