Discussion on Satyam in LS deferred to Feb 25

Discussion on the Rs 7,800-crore (Rs 78-billion) Satyam fraud in the Lok Sabha has been deferred yet again and is now expected to take place on Wednesday.

The short duration discussion under Rule 193 on the situation arising out of the alleged mismanagement of the affairs of the Satyam Computer Services will now be taken up on February 25, the Lok Sabha bulletin said.

Initially, the discussion was scheduled to be held on February 13, but was deferred following a request from leader of the Opposition L K Advani.

After ascertaining the views of leaders of various political parties, the discussion was listed for today but now has been further deferred to February 25.

The current session of Parliament, the last of the 14th Lok Sabha, will continue till February 26.

The case had led to bitter exchanges between Andhra Pradesh chief minister Y S Rajasekhara Reddy and his predecessor Chandrababu Naidu, with each accusing the other of aiding company founder Ramalinga Raju.

Raju on January 7 had disclosed what has now become the country's biggest financial fraud involving Rs 7,800 crore. In a letter to Satyam's board, he had said that profits were falsified for years and that fictitious assets were created.

Several government agencies including the Serious Fraud Investigation Office, market regulator Securities and Exchange Board of India and the Andhra Pradesh police CB-CID are investigating the case.

Guilty will be punished, says Pranab: Amidst allegations of Andhra Pradesh government handling Satyam scam accused with 'kid-gloves', acting finance minister Pranab Mukherjee said on Thursday government will not bail out anyone, full investigation into the matter will be conducted and the guilty punished.

"Government intention is not to bail out any individual. Government intention is not to protect any wrongdoer," he said replying to supplementaries during Question Hour in Rajya Sabha.

The investigation into irregularities in Satyam, upon the recommendation of the Andhra Pradesh government have been handed over to CBI. "We may have to wait for sometime for full investigation report," he said.

"Whatever is necessary for investigation will be done," Mukherjee said.

When Left members alleged that Andhra Pradesh government prevented Sebi from questioning the accused, he said, "There is no question of influencing (the probe) or not allowing any statutory authority to complete the investigation."

Mukherjee said the Andhra Pradesh chief minister, who met him recently, had assured that all cooperation would be given to any investigating agency. Chief secretary of the state has been made the nodal officer.

The guilty in the case will be brought to book, he said.