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Govt barrs Rajus,ex-directors from selling shares; directs them to disclose bank accounts

Tightening its grip on Satyam’s former top officials,the government today barred former chairman B Ramalinga Raju...

Written by ENS Economic Bureau | New Delhi | Published: January 22, 2009 3:15:00 am

Tightening its grip on Satyam’s former top officials,the government today barred former chairman B Ramalinga Raju,his brother R Rama Raju and three other senior company executives from selling or mortgaging their shares and other assets without its permission. Passing an order on the application issued by the government,the Company Law Board (CLB) has also directed Satyam’s former directors to disclose their bank accounts and properties in India and abroad by February 20 to the board,corporate affairs minister Premchand Gupta said here.

The other officials included in the CLB’s list of officials were former chief executive Ram Mynampati,former chief financial officer Srinivas Vadlamani and company secretary G J Jayaraman. The government had moved an application before the CLB to ensure “that the persons who were at the helm of affairs of Satyam are not allowed to profit…from any diversion and siphoning (off) of funds”.

Gupta said Raju and other Satyam executives “have been directed by the Company Law Board to forward to the bench officer of the board,in a sealed cover,particulars of their bank accounts,movable and immovable properties in India and elsewhere”. They have to comply with the CLB order of disclosing their assets by February 20,he said. The minister added that as per the CLB order,the five persons have been directed “not to alienate,charge,mortgage or sell any of their shares,securities and fixed assets without leave of the CLB,till disposal of the main petition”.

Earlier in the day, Gupta had said many corporates are interested in Satyam while adding that the government has not yet taken a view on such a situation arising. Reiterating that it is now the new board’s responsibility and prerogative to look into such matter,Gupta said,“As far as the government is concerned,there is no such thinking and no such move.”

Forty in queue for top job at satyam

Mumbai: As many as 40 applicants have thrown their hats in the ring for the top job of CEO at scam-tainted Satyam. “We have received around 40 applications for the post of the top job in Satyam… The board would be meeting tomorrow to consider appointments of the CEO and CFO,” Deepak Parekh,a member of the newly-constituted Satyam board,told reporters here today.

Firm’s new Board to tie up funds,retain clients

Mumbai: Two weeks after the Satyam fraud came to light,its new board member Deepak Parekh said the company was in the process of securing funds and retaining its international clients. Satyam has initiated discussion with a host of banks and institutional investors to get funds to keep its business afloat and has pledged some of its receivables to secure funding,Parekh told reporters here today.

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