India asks US not to penalise Satyam
Jan. 10: India has requested authorities in the US not to take any action against scam-hit Satyam as it would amount to punishing shareholders of the IT company for a second time.
“Sebi has marshalled a request (to US Securities Exchange Commission) and we are monitoring them. On the political level such signals can be sent and we have already sent them,” the corporate affairs minister, Mr Salman Khurshid said.
Satyam Computer Services, now Mahindra Satyam, can face punitive action in the US as the company’s shares were listed and traded on American bourses. It is also contesting about a dozen class action suits in US courts which could entail a heavy penalty on the company. It can face action by the US Securities Exchange Commission.
“The case has been laid out quite well. And the case being that nothing should actually punish the shareholders a second time over...because any fine imposed on the company will inevitably hurt the shareholders,” Mr Khurshid said.
Hoping that the American authorities would understand the issue, he said, “But I am keeping my fingers crossed,” he said.
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This is not a valid reason to ask US govt not to take action against Satyam. Satyam as a company and Mr Raju and his team is responsible for loss of wealth of the shareholders in India and also in USA. We all lost money because of his actions and fraud. Not once again and again. We lost in Sify. Now we lost in Satyam. Ramalinga Raju and his team and the involved shall not be spared and severe action taken as soon as possible. We know nothing happens in India to Raju and the other individuals involved in fraud. We are sure action in USA will be swift, justified and prompt. We are hopeful we get justice in USA and we have no hope the Indian judiciary or the administration will take any action. Look Harshad Mehta, Ketan Parekh, stamp scam and so on countless cases languishing for years in Indian courts. This is another way of Indian government and the politicians guarding and protecting the Raju's.
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