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Reddy calls for a stern action against those liable for Satyam fraud
New Delhi, Jan 20 (ANI): Andhra Pradesh Chief Minister Y S Rajasekhar Reddy asserted that his Government will take strict action against all those responsible for the fraud in Satyam Computer Services Limited.
Reddy disclosed this to media persons here last evening.
"Satyam's erstwhile management has defrauded the shareholders of Satyam Limited, is a mind boggling thing.
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It has really discredited the State and the country," said Reddy.
He said that the State Government wants the erstwhile management should be brought to book and its criminal activity dealt with deterrently.
Government he said would take all necessary actions to protect the interests of the shareholders and employees.
Ramalinga Raju and his brother B Rama Raju, Satyam's co-founder and managing director, were arrested on charges of criminal breach of trust, criminal conspiracy, cheating, falsification of records and forgery, following a case filed by Andhra Pradesh Police.
Several securities fraud class action lawsuits have been filed in the United States on behalf of the investors who bought Satyam American Depository Receipts (ADRs) in last five years. (ANI)
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| 1. | it would seem to me the ones you go after is the cpa firm...you can not cook the books without they being part of it...how can you show 1 billion cash on hand and have less than $100,000 and the cpa firm signs off???? i have not heard anyone talk about going after them...i has a corp owner can not even get my cpa to sign off if we are of one dollar. SO WHERE IS THE ACCOUTABLITY and why are you and everyone looking into this not talking with the cpa firm who helped cook the books... | lowell meyer 2009-01-20 |