Small investors to file PIL for independent probe into Satyam
January, 13th 2009
The Small Investors Grievances Forum, headed by former MP Kirit Somaya, on Monday said it would file a public interest litigation in the Bombay High Court on Tuesday demanding an independent investigation into Satyam scam.
"The regulatory mechanism has failed entirely (in Satyam scam). We are demanding an independent investigation in the case," Small Investors Grievances Forum's President and a former member of Parliament Kirit Somaya told media here.
The respondents of the PIL would be market regulator SEBI, auditor PriceWaterhouseCoopers, the Union Government, the ICAI amongst others.
Other demands of the investors include inspection of Satyam share transactions in the past three months, blacklisting of PwC and immediate steps to compensate retail investors.
India's fourth largest IT company Satyam Computers plunged into a crisis following the revelations of its former Chairman B Ramalinga Raju that the company's accounts were manipulated for seven years, resulting in a scam of Rs 7,800 crore.
The Government scrapped Satyam's board and appointed three new members in the reconstituted board to salvage the company.