Diversion of funds from Satyam evident: Gupta

New Delhi, Jan 18: According to the prima facie there are major diversion of funds in from Satyam Computers, said Govt on Sunday, Jan 18. The facts and figures in the balance sheet are not accountable, govt added.

"Prima facie aisa lagta hai ki diversion of funds ka kuch issue hai, jo facts and figures balance sheet mein show kiye gaye hai, they are not based on the correct information... galat kaam toh bahut hua hai," Corporate Affairs Minister Prem Chand Gupta told news agencies.

When Gupta was asked whether case would be handed over to CBI as the involvement of some politicians are persisting, Gupta said "As of now no such thing has surfaced... whatever is needed will be done...the govt has ordered inspection of eight companies (Satyam subsidiaries)...investigation by SFIO has also been ordered".

Prem Chand Gupta said he is not in a position to make any political statement on whether any major land scam has also been involved in the Satyam's Maytas case. At the same time he said the first information about Satyam is encouraging as the company's liabilities were not much.
Asked about scores of suits filed in the US court against the company after it aborted Rs 8,000-crore deal to acquire two Maytas firms promoted by the family of Raju and his subsequent confession of cooking of accounts, Gupta said it would not be proper for him to talk about the law suits.

On a related query, Gupta said members of the newly-constituted board would not be held responsible for what was done by the previous board which was disbanded by the government after the Rs 7,800-crore scam came to the light. "The government had advised the new board to engage a legal firm for it and take legal opinions and all necessary steps in this direction," he said.

He said there were two issues in handling the Satyam crisis --the first being the company's operations and the second relates to the regulatory system and investigation.

OneIndia News(With inputs from agencies)