01-09-2009, 09:46 PM
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>Satyam scam takes political twist</b>
Pioneer News Service | New Delhi/Hyderabad
Raju links come into focus
The Satyam scandal is turning out to be more than a corporate scam. As hunt for the disgraced Ramalinga Raju continues for jeopardising the livelihood of some 50,000 employees and squandering shareholder investments running into thousands of crores, his political links have triggered a major blame game among parties.
The man who until recently was a poster boy of Andhra Pradesh and held in esteem by corporate India, has overnight become a pariah. Those known to have courted the former Satyam chief for years have completely disowned him now
While the BJP, Telugu Desam and the Left have accused the Andhra Government and State regulatory agencies for their failure and complicity, the State Government has in turn pointed the finger at Telugu Desam.
Demanding a probe by a Central regulatory agency into the financial irregularities committed by the software company, the BJP on Friday said a scam of such proportions was not possible without the âsupportâ of SEBI, MCA, Planning Commission and the Andhra Pradesh Government.
âThere are scams coming out of a scam....Was the Government sleeping when it occurred? Even the Planning Commission did not take any action. This shows high mismanagement of the economy," senior BJP leader Murli Manohar Joshi said at a Press conference.
<b>Joshi accused Andhra Chief Minister YS Rajasekhara Reddy of doing a flip-flop on the issue by first praising Satyam and its founder Ramalinga Raju and then backtracking.</b>
âOn what basis did he give them a clean chit?â Joshi asked, adding, âHas this company also been educating politicians like Enron did?''
Demanding a âdispassionate and ruthlessâ investigation of the scam, Joshi said, âThe role played by auditing companies, rating agencies, SEBI, Ministry of Company Affairs, banks and financial institutions and independent directors should be examined.â
He said though E Sreedharan, who pioneered Delhi Metro, had informed the Planning Commission that Raju was diverting the route of the Hyderabad Metro towards areas where he owned land, no action was taken.
The party further demanded a probe by a Central agency into the fiasco and the role of SEBI, MCA, Income Tax Department, stock exchanges, Registrar of Companies & audit firms involved in allowing the âfraudâ to continue for years together. <b>The BJP also asked the Prime Minister to issue a statement on the matter.</b>
Meanwhile, several opposition parties in Hyderabad demanded Raju's immediate arrest. They have also targeted the Maytas firms own by his sons. The opposition, including the TDP, Left, TRS and the BJP have demanded information on major contracts given by the Government to Maytas Infrastructure during the current Chief Minister's tenure.
Identifying the projects, the opposition alleged that, awarding the Rs 121 crore road project in YSR's home district Kadapa, Rs 1550 crore port project at Machchlipatnam and several irrigation projects to Maytas proved the Government's complicity with Raju.
In a stinging criticism, Telugu Desam chief N Chandrababu Naidu, who as Chief Minister earlier is said to have promoted Raju and Satyam, accused Reddy of drowning the IT sector in the State into corruption and irregularities.
<b>"The TDP Government had made Andhra Pradesh people proud through the IT sector, but under the corrupt Congress Government, the same IT has become a cause of shame for the people of the State,"</b> Naidu said.
State CPI Secretary K Narayana demanded that the disgraced Satyam chief should be immediately arrested. Addressing mediapersons in Tirupati on Friday, he said the <b>State Government should take back the land offered to Satyam and Maytas for their projects. He also found fault with the Government in awarding major contracts to Maytas, including the Hyderabad Metro Rail project.</b>
<span style='font-size:14pt;line-height:100%'><b>"When Sreedharan of Delhi Metro Rail Corporation suspected foul play in the Hyderabad Metro Rail contract to Maytas, this very State Government had threatened to take legal action against him, instead of acting against Maytas", Narayana pointed out.</b></span>
BV Raghavulu of CPI(M) said the fraud was an attempt to turn black money into white. Prajarajyam chief and film star Chiranjeevi joined the anti-Chief Minister chorus and said the scam was a devastating blow to Telugu self respect.
Responding to criticism, Reddy stoutly denied his Government was trying to shield Raju and coming in the way of his arrest. "We have ordered an independent inquiry by the CID and the law will take its own course against him," the Chief Minister said. Launching a counter-attack, Reddy accused the TDP chief of having patronised Raju when Naidu was the Chief Minister. <!--QuoteEnd--><!--QuoteEEnd-->
Looks like Moron SIngh and his buddie another M Singh of Planning commision are directly involved. It means Soniawati and YSR Reddy are deep in this scam.
BrainMapping of Moron SIngh won't deliver anything, it is empty to begin with.
Pioneer News Service | New Delhi/Hyderabad
Raju links come into focus
The Satyam scandal is turning out to be more than a corporate scam. As hunt for the disgraced Ramalinga Raju continues for jeopardising the livelihood of some 50,000 employees and squandering shareholder investments running into thousands of crores, his political links have triggered a major blame game among parties.
The man who until recently was a poster boy of Andhra Pradesh and held in esteem by corporate India, has overnight become a pariah. Those known to have courted the former Satyam chief for years have completely disowned him now
While the BJP, Telugu Desam and the Left have accused the Andhra Government and State regulatory agencies for their failure and complicity, the State Government has in turn pointed the finger at Telugu Desam.
Demanding a probe by a Central regulatory agency into the financial irregularities committed by the software company, the BJP on Friday said a scam of such proportions was not possible without the âsupportâ of SEBI, MCA, Planning Commission and the Andhra Pradesh Government.
âThere are scams coming out of a scam....Was the Government sleeping when it occurred? Even the Planning Commission did not take any action. This shows high mismanagement of the economy," senior BJP leader Murli Manohar Joshi said at a Press conference.
<b>Joshi accused Andhra Chief Minister YS Rajasekhara Reddy of doing a flip-flop on the issue by first praising Satyam and its founder Ramalinga Raju and then backtracking.</b>
âOn what basis did he give them a clean chit?â Joshi asked, adding, âHas this company also been educating politicians like Enron did?''
Demanding a âdispassionate and ruthlessâ investigation of the scam, Joshi said, âThe role played by auditing companies, rating agencies, SEBI, Ministry of Company Affairs, banks and financial institutions and independent directors should be examined.â
He said though E Sreedharan, who pioneered Delhi Metro, had informed the Planning Commission that Raju was diverting the route of the Hyderabad Metro towards areas where he owned land, no action was taken.
The party further demanded a probe by a Central agency into the fiasco and the role of SEBI, MCA, Income Tax Department, stock exchanges, Registrar of Companies & audit firms involved in allowing the âfraudâ to continue for years together. <b>The BJP also asked the Prime Minister to issue a statement on the matter.</b>
Meanwhile, several opposition parties in Hyderabad demanded Raju's immediate arrest. They have also targeted the Maytas firms own by his sons. The opposition, including the TDP, Left, TRS and the BJP have demanded information on major contracts given by the Government to Maytas Infrastructure during the current Chief Minister's tenure.
Identifying the projects, the opposition alleged that, awarding the Rs 121 crore road project in YSR's home district Kadapa, Rs 1550 crore port project at Machchlipatnam and several irrigation projects to Maytas proved the Government's complicity with Raju.
In a stinging criticism, Telugu Desam chief N Chandrababu Naidu, who as Chief Minister earlier is said to have promoted Raju and Satyam, accused Reddy of drowning the IT sector in the State into corruption and irregularities.
<b>"The TDP Government had made Andhra Pradesh people proud through the IT sector, but under the corrupt Congress Government, the same IT has become a cause of shame for the people of the State,"</b> Naidu said.
State CPI Secretary K Narayana demanded that the disgraced Satyam chief should be immediately arrested. Addressing mediapersons in Tirupati on Friday, he said the <b>State Government should take back the land offered to Satyam and Maytas for their projects. He also found fault with the Government in awarding major contracts to Maytas, including the Hyderabad Metro Rail project.</b>
<span style='font-size:14pt;line-height:100%'><b>"When Sreedharan of Delhi Metro Rail Corporation suspected foul play in the Hyderabad Metro Rail contract to Maytas, this very State Government had threatened to take legal action against him, instead of acting against Maytas", Narayana pointed out.</b></span>
BV Raghavulu of CPI(M) said the fraud was an attempt to turn black money into white. Prajarajyam chief and film star Chiranjeevi joined the anti-Chief Minister chorus and said the scam was a devastating blow to Telugu self respect.
Responding to criticism, Reddy stoutly denied his Government was trying to shield Raju and coming in the way of his arrest. "We have ordered an independent inquiry by the CID and the law will take its own course against him," the Chief Minister said. Launching a counter-attack, Reddy accused the TDP chief of having patronised Raju when Naidu was the Chief Minister. <!--QuoteEnd--><!--QuoteEEnd-->
Looks like Moron SIngh and his buddie another M Singh of Planning commision are directly involved. It means Soniawati and YSR Reddy are deep in this scam.
BrainMapping of Moron SIngh won't deliver anything, it is empty to begin with.