The Ministry for Corporate Affairs (MCA) has ordered inspection of books of accounts of eight Satyam Group companies under the provisions of the Companies Act and asked the Institute of Chartered Accountants of India (ICAI) to take action against the auditors as per the norms.

 

This was stated by the Minister for Corporate Affairs, Mr Prem Chand Gupta, in New Delhi.

 

The eight Satyam Group companies are Maytas Properties Ltd, Maytas Infrastructure Ltd, Satyam BPO Ltd, Nipuna Services Ltd, Knowledge Dynamics Pvt Ltd, Nitor Global Solutions Ltd, CA System ASP Pvt Ltd, and Satyam Venture Engineering Services Pvt Ltd.

 

As regards initiating action against the auditors, the Ministry has been informed by the ICAI that the Financial Reporting Review Board of the Institute has asked for the working document within three days from the auditors, Mr Gupta said.

 

Mr Gupta maintained that Satyam was a one-off case and efforts to be taken to ensure that all stakeholders – international investors, customers of Satyam, 53,000 employees, are protected and action taken against those who are guilty.