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"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 PTI on how serious the Satyam crisis was.
Asked if there was a need to hand over the Satyam case to CBI in the face of reports of involvement of politicians with company's founder B Ramalinga Raju, he said, "As of now no such thing has surfaced... whatever is needed will be done... the Government has ordered inspection of eight companies (Satyam subsidiaries)... investigation by SFIO has also been ordered".
On a query if the Government feared a major land scam in Satyam's Maytas fiasco, the minister said he was not in a position to make any political statement on the issue.
At the same time he said the first information about Satyam is encouraging as the company's liabilities were not much. "Information ke hisaab se company ke upar bank aur institutions ki koi major liability nahi hai".
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Raju did correct. PM, PC asked al to invest in stocks.100s of time PM, PC assured till date our stock swill boom .2004 we taled of bubble , we had 21000 sensex.So all industry owners pledged/ sold their stocks got money.When bust their pledged stocks are low, they could not repay dues. He had no ownership, spilt beans. Al PM, PC statements on sensex can acquit Raju. Fudging can be cast on PWC. No rich criminal has been punished in time.. This tamasha will replay.
If the stand of the Govt is right,the criminals should be put behond the bats instead of hssurting the companyaing any forther invstigation and any thought of resussurcting the company of crminals and their accomplices in the Govt at all level including in the PMO
. E Sreedharan, Metro icon strongly opposed the concept of leveraging a land bank to finance the metro project. He had warned that this model would erupt into a full-fledged political scandal. CM with Sonia’s support went ahead and received huge kick back CM subsequently dismissed him. This is the reward for a honest beurocrat who has dedicated his service to the nation even at the age of 70 plus.
It still only "appear" to thiis minister that diversion of funds was done. Let these politicians and their pawns finish their investigation to find later that no diversion of funds took place - that is only if Raju and his gang play their card right. I am sure affter having successfuly stolen billions they know how to play the corrupt system.
The whole picture will not be out unless the Group is seen as one entity. It appears to be classic case of working capital from the mother unit being used to build fixed assets for subsidiary companies surreptiously. Satyam is victim of immature financial management. But what were the CAs of auditor PwC doing?