Business   

SEBI shocked by Satyam revelations

MUMBAI: Terming disclosures of financial wrong-doings at Satyam Computer Services as an event of “horrifying magnitude,” market regulator Securities and Exchange Board of India (SEBI) on Wednesday said that it would take all steps under the law for which it has started discussions with the government and the bourses.

“We are in touch with the Ministry of Corporate Affairs... we are also in discussion with them as to what steps need to be taken from the perspective of power they have under the law and SEBI has under the law,” SEBI Chairman C. B. Bhave said.

The market regulator was also forwarding the letter written by Satyam’s Chairman Ramalinga Raju on his stepping down with the confession that the profits of the company were inflated over the years, leading to wide gap between real and imaginary assets.

“Our main effort is to see that whatever facts are available with any regulatory agency, those are put out and investors know the truth... I am sure we will have to learn few lessons from this as we get through the facts,” he said. — PTI

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

Stories in this Section

‘Satyam is India’s Enron’
Riding a tiger without knowing to get off: Raju
Sensex tumbles 750 points
SEBI shocked by Satyam revelations
Employee confidence critical for survival
New CEO gives pep talk to staff
Uncertainty looms large over SCSL’s future
ICAI for severe punishment
Rupee drops further
Audi to assemble 1,000 units of cars
Aluminium major Alcoa to cut 13,500 jobs
Exchange Rates
Bullion Rates
Virgin Mobile partners MySpace
Emirates offers new fares
Canara Bank raises Rs. 325 crore
3i Infotech services for rural customers
Alphageo (India) bags Hindustan Oil contract
Anand Kumar Gupta joins Dhanalakshmi Bank
New regional VP for ON Semiconductor

Copyright © 2009, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu