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Journalism of Courage
Capital market regulator SEBI on Wednesday said it was finding it difficult to ascertain the size of fraud in Satyam Computer,as it has not been able to interrogate company founder Ramalinga Raju.
However,it has quizzed the IT company’s auditors and internal finance department staffers and reviewed details of Satyam’s bank deposits,SEBI Chairman C B Bhave told reporters in Mumbai.
A SEBI team landed in Hyderabad on January 8,a day after Raju disclosed cooking the books of Satyam by falsifying profits and lying about bank deposits.
According to Raju’s disclosure,the fraud is to the tune of Rs 7,800 crore. Raju,who had also pledged nearly all his shares in the company,has been arrested and is in police custody – making it difficult for the SEBI team to access him.
Bhave said promoters must disclose pledged shares twice – both event-based disclosures and periodic disclosures.
He also said the regulator will make necessary changes in listing norms.
