Satyam scam: SFIO to begin prosecution

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Satyam scam: SFIO to begin prosecution
New delhi, Nov 16: Corporate Affairs Minister Salman Khurshid has said the Serious Fraud Investigation Office (SFIO) will begin prosecution into the Satyam Scam this Nov 2009.

Addressing a press conference here, Khurshid said, "During this month, the SFIO will begin the prosecution on those or those areas of company laws that the SFIO is expected to and have been authorised to proceed with."

The SFIO had investigated the multi-crore rupee Satyam accounting fraud and submitted its reports to the government detailing violations of company law by founder chairman B Ramalinga Raju and others.

According to sources, the agency will initiate proceedings on about 30 charges, mostly under the Companies Act of 1956, while the CBI will be acting on five or six charges involving criminal offences under the penal code

OneIndia News

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