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Our Bureau

Hyderabad, Feb. 10 The Andhra Pradesh Chief Minister, Dr Y.S. Rajasekhara Reddy, today said it was a collective failure of central agencies and the regulator in spotting the multi-crore mega Satyam scam, even though there were some early signs.

He said had the Securities and Exchange Board of India and the Income Tax authorities been a little more vigilant, they could have exposed this scam and ensured that various stakeholders of the company were not affected.

This is important in the light of the fraudulent activities of the Satyam management going on for over seven years. In fact, he said that when Ms S.Padmaja, an Income Tax Officer, spotted something fishy in Satyam accounts in 2002-04, a probe at that time, would have ensured that it would not have blown to this stage. Replying to a debate on Satyam scam in the Legislative Assembly, Dr Reddy said as the fourth largest IT services company with 50,000 employees and operations in over 60 countries, the company commanded a lot of respect both in India and abroad.

More Stories on : Corporate Governance | Economic Offences | Politics | Regulatory Bodies & Rulings | Satyam Computer Services Ltd

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