01-18-2009, 11:22 PM
<b>Satyam money was siphoned off, not inflated</b><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Neither me nor the managing director took even one rupee/dollar from the company and have not benefited in financial terms," he had said. But preliminary investigations of the Registrar of Companies (RoC), a copy of which is with the Hindustan Times, clearly state that Raju and his accomplices had utilised the "<b>cash reserves of the company to acquire controlling interest by purchase of shares in two other companies, owned and controlled by persons closely related to the promoter director of the company</b>.
" While the RoC report did not name the companies, a senior official in the ministry of corporate affairs told Hindustan Times that the companies were Maytas Infrastructure and Maytas Properties, both founded and promoted by the Raju family. In fact, the Serious Fraud Investigation Office (SFIO), a multi-disciplinary quasi-judicial agency, has been specifically asked to find out whether "there was any siphoning of funds of the company".
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This fraud is similar to what COngress Party leader and defense minister Jagjivan Ram and son did in 1970s.
" While the RoC report did not name the companies, a senior official in the ministry of corporate affairs told Hindustan Times that the companies were Maytas Infrastructure and Maytas Properties, both founded and promoted by the Raju family. In fact, the Serious Fraud Investigation Office (SFIO), a multi-disciplinary quasi-judicial agency, has been specifically asked to find out whether "there was any siphoning of funds of the company".
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This fraud is similar to what COngress Party leader and defense minister Jagjivan Ram and son did in 1970s.