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Pranab: No plans to bail out Satyam
February, 19th 2009

Acting finance minister Pranab Mukherjee said in Parliament today that the government has no plans to bail out Satyam.
Satyam, Mukherjee said, had adequate un-incumbered assets which can help the company run professionally and the Government's intervention was to ensure just that. "Government interest (in Satyam) is that it is an important company in this particular sector. It has large number of international clients... it has good number of professionals," he said.

He said it was wrong to blame an institution like ICAI for the wrongdoing of some individual auditors.

Capital market regulator Securities Exchange Board of India (SEBI) last month ordered investigation into the dealings in the shares of Satyam Computer Services Ltd to ascertain if provisions of SEBI Act and rules and regulations made there had been violated, he said.

SEBI, he said, has also asked market participants to undertake peer review of the working papers (relating to financial statements of listed entities) of auditors in respect of companies constituting the NSE-Nifty 50, the BSE Sensex and some listed companies outside the Sensex and Nifty chosen on a random basis.

The peer review will be undertaken by a SEBI prepared panel of auditors, he said.

 
 
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