Business Daily from THE HINDU group of publications
Friday, Feb 06, 2009
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Business Daily from THE HINDU group of publications Friday, Feb 06, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Courts/Legal Issues Info-Tech - Software Corporate - Corporate Governance
“We neither confirm nor deny the existence of an investigation until we bring charges against someone involved. This is to protect the integrity and effectiveness of our investigative process,” an attorney at SEC said. Our Bureau Hyderabad, Feb. 5 The beleaguered Satyam Computer Services has decided to fight 12 class action suits filed against it in the US by appointing Wachtell, Lipton, Rosen & Katz as lawyers. The six-member Satyam board, which met here for two days, has said that Latham & Watkins, lawyers for Satyam for eight years, would continue to support the company in its ongoing dialogue with the US Securities and Exchange Commission (SEC). Class action suits are filed by a group of aggrieved people in the US to claim damages from the company. Experts felt that these suits might prove to be a stumbling block for whoever wants to take over Satyam. A Satyam spokesperson, however, said that the company has so far received notices only with regard to 5-6 such suits. “Eventually, these will be clubbed into one,” he said. The Hyderabad-based company is also fighting a legal battle with Upaid, an online payments company, over intellectual property issues, in a Texas Court. SEC seeks SEBI’s helpMeanwhile, a four-member SEC team has arrived here and held discussions with the Board and top management of Satyam throughout the day at its Infocity campus. “We neither confirm nor deny the existence of an investigation until we bring charges against someone involved. This is to protect the integrity and effectiveness of our investigative process,” Mr Rinell Randolph Jr, Attorney at SEC, told Business Line, when approached to know the nature and scope of the SEC investigation into the Satyam affairs. The SEC officials sought the assistance of Securities and Exchange Board of India (SEBI) to secure information on various issues related to the case. A 1998 agreement signed by SEC and SEBI facilitates cooperation and sharing of information in enforcing the US and Indian securities laws. Officials of Criminal Investigation Department (CID) told this paper that the SEC team had not approached them yet. “We are expecting them (to visit us) in a day or two,” a senior CID official said. The legal counsel for Mr Ramalinga Raju said that he was not aware of any SEC team’s presence or enquiry as yet. US law firms file ‘class-action’ suits against Satyam Rs 7,000-crore fraud More Stories on : Courts/Legal Issues | Software | Corporate Governance | Satyam Computer Services Ltd
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