Satyam fraud reaches Parliament; LS to discuss tomorrow

NEW DELHI: The Lok Sabha will tomorrow discuss developments at Satyam that was rocked by a Rs 7,800 crore accounting fraud, prompting the government to takeover operations to prevent damage to the Indian IT industry.

This was decided in the business advisory committee meeting, where the leaders of various political parties agreed for a discussion on the fraud.

Sources said even Lok Sabha Speaker Somnath Chatterjee himself had suggested having a discussion on Satyam when he met the political leaders on the eve of the session.

Minister of Corporate Affairs P C Gupta is likely to reply to the discussion.

BJP leader L K Advani today sought a judicial probe into the scam, saying it was now more than a corporate fraud.

The case had led to bitter exchanges between Andhra Pradesh Chief Minister Y S Rajasekhara Reddy and his predecessor Chandrababu Naidu, with each accusing the other of aiding company founder Ramalinga Raju.

Raju on January 7 had disclosed what has now become the country's biggest financial fraud involving Rs 7,800 crore. In a letter to Satyam's board, he had said that profits were falsified for years and that fictitious assets were created.