Reddy calls for a stern action against those liable for Satyam fraud

ANI

New Delhi

Tue, 20 Jan 2009: 

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 managent has defrauded the shareholders of Satyam Limited, is a mind boggling thing.

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)