SEBI team probing insider trading in Satyam
The team is primarily inspecting the irregularities committed by Rajus and other manipulators in market.
By PTI |
MUMBAI: Market regulator SEBI's special team, set up to probe into the financial irregularities in Satyam Computers, has set its focus among other things on alleged 'insider trading' carried out by top executives in the IT firm in the recent past, sources said today.
"Our major concerns in this case include any insider trading activities that might have occurred in Satyam shares and all aspects of fraud committed in the company's book," Sebi sources told reporters here today.
The market regulator formed an investigation team soon after Ramalinga Raju confessed that he cooked the company's balance sheet for seven years with inflated profit numbers and understated liabilities.
The three-member team, led by senior SEBI official A Sunilkumar, is understood to be progressing with its probe at Satyam headquarters in Hyderabad.
The team is primarily inspecting the irregularities committed by Rajus and other manipulators in stock market.
However, the probe team has not been given any time-frame to submit its findings, sources said.
The Government had scrapped the erstwhile board of Satyam and appointed three new members--HDFC Chairman Deepak Parekh, former Sebi member C Achutan and IT expert Kiran Karnik-- to rebuild the struggling computer-giant.
As the first step to resurrect the company, the board today appointed auditing firms, KPMG and Deloitte, to restate the financial statements of the scam-tainted company's accounts.
"Our major concerns in this case include any insider trading activities that might have occurred in Satyam shares and all aspects of fraud committed in the company's book," Sebi sources told reporters here today.
The market regulator formed an investigation team soon after Ramalinga Raju confessed that he cooked the company's balance sheet for seven years with inflated profit numbers and understated liabilities.
The three-member team, led by senior SEBI official A Sunilkumar, is understood to be progressing with its probe at Satyam headquarters in Hyderabad.
The team is primarily inspecting the irregularities committed by Rajus and other manipulators in stock market.
However, the probe team has not been given any time-frame to submit its findings, sources said.
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The Government had scrapped the erstwhile board of Satyam and appointed three new members--HDFC Chairman Deepak Parekh, former Sebi member C Achutan and IT expert Kiran Karnik-- to rebuild the struggling computer-giant.
As the first step to resurrect the company, the board today appointed auditing firms, KPMG and Deloitte, to restate the financial statements of the scam-tainted company's accounts.
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