Govt forms Committee to expedite Satyam investigation

The government has formed a committee with representations from market regulator Sebi, CBI and

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Enforcement Directorate to expedite investigation in the over Rs 10,000-crore accounting scam in IT firm Satyam Computer.

The Coordination Committee will be headed by Additional Secretary in the Ministry of Corporate Affairs, official sources said.

"We want to finish the investigation (of the Satyam case) by the end of this year. Hence, the Coordination Committee," an official told PTI.

Multi-disciplinary agencies have been asked to designate officers of the level of Joint Secretary to be part of the Coordination Committee.

It is almost a year since Satyam Computer Services' (now Mahindra Satyam) founder B Ramalinga Raju confessed to having cooked the company's books by inflating profits.

The Serious Fraud Investigation Office (SFIO), which was to submit its report on the money-siphoning angle on October 13, is yet to file a chargesheet. The CBI, another agency investigating the scam, is also expected to file its second chargesheet soon.

Sebi, however, said that it would complete investigation and take action against the Satyam accused latest by next year.

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