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Mahindra Satyam may get a fair judgment: Govt
February, 16th 2010

After making a request with the US for leniency on Satyam case, India on Monday exuded confidence that the company may get a fair judgement on the issue of the US capital market regulator SEC imposing a fine on the firm.

"What I have come to know two days back, Mahindra Satyam may get a fair judgement," Secretary with the company affairs ministry R Bandopadhyay said today.

He said that the Indian government had urged the US and SEBI its US counterpart SEC not to impose a fine on Satyam.

The Indian government had argued that if a fine was imposed at this juncture when the firm was trying to recover from its inglorious days, then all revival efforts to save around 50,000 jobs would not fructify, he told reporters on the sidelines of a seminar at Bengal Chamber of Commerce & Industry here. He said that share prices would also come down in case a fine was imposed.

Last month Corporate Affairs Minister Salman Khurshid had said that "any further action will further hurt the shareholders (of Satyam now Mahindra Satyam)... We hope and expect that the American authorities (the US Securities Exchange Commission) will appreciate this concern."

Satyam Computer Services, now Mahindra Satyam, can face punitive action in the US as the company's shares were listed and traded on American bourses. It is also contesting about a dozen class action suits in various US courts which could entail a heavy penalty on the company.

Satyam founder B Ramalinga Raju's disclosure of fraud on January 7, 2009, is reported to have resulted in a loss of around Rs 14,000 crore to the shareholders.

 
 
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