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"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," Corporate Affairs Minister Salman Khurshid told a press conference here.
He said the agency is "dutifully and diligently" pursuing what it is supposed to do in the Satyam case. The SFIO, an arm of the Corporate Affairs Ministry, 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.
The investigating agency will initiate proceedings on about 30 charges, mostly under the Companies Act of 1956, while the Central Bureau of Investigation (CBI) will be acting on five or six charges involving criminal offences under the penal code, sources said.
The Corporate Affairs Ministry had asked the SFIO to initiate prosecution in the Satyam case after obtaining opinion of the Solicitor General, sources said.
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what happened to the 50000 thousand employees , long list of clients Satyam was boosting . All these and many more issues are conveniently forgotten . The company was sold for cheap , since the take over my new management not a single significant client is won , but still the company is worth more than 5 B USD . Who made killing in this , the man who is at the helm Raju , Mahindras or L$T , Indian public will never know this and not interested also . In all probability Raju will come out of Jail , Mahindra will disintegrate the company so that they can truely manage it . All this is s big Slap on India Judicial/ company law and criminal law . Economic Offence should treated no less than more visible terrorism .
So, its not started yet. What kind of justice system we have?