Reddy ready for probe by any agency into Satyam scam

NEW DELHI: Andhra Pradesh Chief Minister Y S Rajasekhara Reddy said on Sunday that he was ready for "any probe by any agency" of the country into the Satyam scam as credibility of the nation had taken a beating because of it.

Reddy, who arrived here tonight, said all the irregularities should come out so that the guilty can be punished and credibility of the IT industry restored.

He said he would welcome "any probe by any agency" as the episode has damaged the confidence of investors.

"I told earlier and am reiterating again that I would welcome any inquiry including CBI inquiry into all aspects of the scam, including Maytas issue," he told reprters here.

"This scan has affected the image of the IT industry and we are worried about its fallout. We want all the law enforcement agencies to quickly investigate the crimes of erstwhile Satyam management and punish the guilty," he said.

Reddy said the Centre has responded very positively on the issue to protect the interest of the share holders.

"It is a fact that erstwhile management of Satyam has defrauded. Action has to be taken on the management. The Government of India has responded in a very very positive manner by appointing a committee to protect the interest of employees and the share holders," he said.

"More importantly the credibility of the country, the credibility of the state will have to be restored," he added

Asked about allegations about the state government allocating projects to Maytas, he said, "Every rule was strictly followed while allocating projects to Maytas.

Chief Secretary who reviewed the issue gave a report saying every rule was followed," he said.

Reddy was here in the capital to meet the Congress high command on the issue of Telegana.