Stayam deal likely to come under scanner

NEW DELHI: The government may start investigation on the aborted Satyam deal of buying out its promoter���s two family-owned businesses without waiting for the company to share the board-approved minutes of the controversial meeting which gave a go-ahead to the deal, said the officials in the ministry of corporate affairs.

While the registrar of companies (RoC) in Hyderabad, is yet to receive the minutes of the crucial board meeting that approved Satyam���s buyout plans of its group holding companies, Maytas Infrastructure and Maytas Properties, it is preparing a preliminary report on the basis of ground details it has gathered on its own.

The ministry of corporate affairs will take a call on whether a detailed investigation should be initiated against Satyam and its sister concerns ��� Maytas Infrastructure and Maytas Properties ��� after going through RoC report.

���We will receive a report from RoC on its inquiry on Satyam within a week which will indicate if there has been violation of the company law norms,��� a ministry official said on conditions of anonymity. This will ensure that the three-week deadline to wrap up its inquiry, as set by the government, is not surpassed. The ministry had on December 20 asked RoC to inquire the matter within three weeks.