Business Daily from THE HINDU group of publications
Saturday, Jan 10, 2009
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Business Daily from THE HINDU group of publications Saturday, Jan 10, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Corporate Governance Info-Tech - Software Industry & Economy - Events
The Chief Minister said that the development was adverse to the interest of the State but the Government was doing its best to address the issue. Our Bureau Chennai, Jan. 9 “To the best of my knowledge, he is in Hyderabad,” asserted Dr Y.S. Rajasekhara Reddy, Andhra Pradesh Chief Minister, to a question on whether Mr B. Ramalinga Raju, former Chairman, Satyam Computers, was still in the country. Mr Reddy, who was in Chennai on Friday to address the Pravasi Bharatiya Divas — 2009 to promote Andhra Pradesh as a destination of choice for NRI investments, was responding to questions on the State Government’s reaction to the Rs 7,000 crore financial scandal at Satyam Computers. On Wednesday, in a statement to the stock exchange, the company’s chairman admitted to overstating its finances by about Rs 7,000 crore. The Chief Minister said such a development was adverse to the interest of the State but the Government was doing its best to address the issue. It was a big disappointment and completely unexpected. The whole issue has come as a shock, he said. On the action taken by the State Government, Mr Reddy said he was waiting for the CB-CID’s report, which was expected on Friday. The Government was keeping track of the developments, which had come into the open just a day earlier. On whether the State Government was reconsidering its decision on the allocation of infrastructure projects to Maytas Infrastructure, a company promoted by the relatives of Mr Raju, the Chief Minister said the State Chief Secretary was looking into the issue. However, Maytas was part of a consortium handling the projects, and as long as the viability of the projects was not affected there was no cause for concern, he said. ‘It was like riding a tiger’ Gupta talks tough, wants RoC to submit report on Satyam in a week Chief Minister orders CB-CID probe More Stories on : Corporate Governance | Software | Events | Satyam Computer Services Ltd
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