SEC to meet CBI for Satyam probe

A team of the US Securities and Exchange Commission SEC,a federal agency which investigates and monitors financial institutions in the US...

A team of the US Securities and Exchange Commission SEC,a federal agency which investigates and monitors financial institutions in the US,may soon arrive in India to meet officers of Central Bureau of Investigation CBI involved in the investigation of Rs 10,000-crore Satyam scam.

The SEC team will also meet with the Securities and Exchange Board of India Sebi and other related organisation to assess the present status of investigations into scam. The SEC wants to help Indian agencies in the Satyam probe as the agency has reportedly made some findings about Indias fourth largest IT firm back in the US. The SEC has also been investigating Satyam fraud since January this year when its founder chairman B Ramalinga Raju had confessed about irregularities.

CBI director Ashwani Kumar said,The SEC is investigating the Satyam matter within US. They have taken an appointment from CBI officers in Hyderabad office. Kumar was inaugurating a five-day training module for correspondents covering CBI at their headquarters today morning.

According to the sources,apart from CBI and Sebi,the SEC officials would also be meeting Satyam Board members to gather information on the case to update itself about the latest developments in the company,whose shares are also listed at the New York Stock Exchange NYSE. A senior CBI official said,SEC is also concerned because the scam all over is same and investors there in the US have also been affected due to it. By updating itself,SEC would probably try to assess the situation and decide of measures to be taken to avert such thing in any company in US and India in future.

A Multi-Disciplinary Investigation Team MDIT formed by CBI for the case is presently probing the matter,after filing a chargesheet in April,in Hyderabad. The MDIT reportedly would be sharing all the investigation details with SEC and according to sources,if required,SEC officials would also be shown evidence collected by CBI.