The Corporate Affairs Ministry is working on setting up an ‘early warning system’ to prevent recurrence of Satyam-like frauds in future. Corporate Affairs Minister Salman Khursheed said experts were working on a mechanism to “detect if something has gone wrong” and take remedial measures. He, however, refused to elaborate on the issue claiming “efforts are underway and I don’t want to predict about it”.
Mr. Khurshid, who was responding to queries during an informal chat with reporters here on Friday, reiterated that the Government was looking forward for a quick trial in the Satyam issue. The Central Bureau of Investigation (CBI) which was probing the matter had almost completed its investigation and it had been permitted to file the additional charge-sheet.
Following a request from the Union Ministry, the Andhra Pradesh High Court had agreed to nominate a special court for expeditious trial into the matter and “the nomination must be in process”. The Enforcement Directorate and Internal Revenue Services (IRS) would continue their efforts to ascertain charges of fund diversion.
He admitted that re-statement of accounts was turning out to be a very complex affair and it would take some time for completing the process. On the role of independent directors in the fraud and action being contemplated against them, he said it was for the investigating agencies to take a decision.