CID (Crime) to carry inquiry into Satyam,SEBI allegations

The CID (Crime) will carry out an inquiry into allegations against Satyam Computer,the bourses and the stock exchange board under the provisions of the Criminal Procedure Code.

Written by Express News Service | Ahmedabad | Published:March 3, 2009 12:35 am

The CID (Crime) will carry out an inquiry into allegations against Satyam Computer,the bourses and the stock exchange board under the provisions of the Criminal Procedure Code.

Deputy Superintendent of Police Parikshita Gurjar has approached the court and said the department will carry out the investigations. She had initially declined to investigate the matter citing a Supreme Court order,saying the case should be investigated by the concerned local police station.

According to the details of the case,Naresh Panchal,a member of the All Gujarat Investors’ Protection Trust,had lodged a complaint with the court against Satyam Computers,Securities and Exchange Board of India (SEBI),National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE) for causing loss to the investors.

Following the complaint,the court ordered the Economic Offence Wing of CID (Crime) on January 20 to hold an inquiry into the matter under the provisions of the Criminal Procedure Code,and submit a report before it.

Following Gurjar’s refusal,Chief Metropolitan Magistrate D M Patel had ordered her to appear before the court and clarify the number of inquiries she had carried out on the orders of the court under the provisions of the Criminal Procedure Code.

On February 27,she did not turn up before the court citing preoccupation in the investigation of some case.

On Monday she told the court that her superior officers have decided that the CID (Crime) will investigate the case.

Gurjar also asked the court to officially hand over the inquiry to her.

The court has kept further hearing in the case on March 13. Gurjar could not be contacted for comments despite repeated attempts.

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