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Acquisition There is news in the India corporate world according to which engineering field giant Larson&Turbo is searching for the possibilities of acquisition of fraud hit Satyam. According to some company sources L&T Chief A.M Naik met central corporate minister Premchand Gupta on Tuesday and discussed the matter. On the other hand the new Director Trun Das has said that some national and international IT companies have contacted the board to acquire the company.  Company’s new board of directors’ meeting is scheduled to be held on 22-23 January in which the names of new CEO and SFO will be discussed and finalized. Tarun Das told that many Indian and foreigners have showed their interest to acquire Satyam. Director Depak Parekh has already said that ‘all options of acquisition are open’. It is being also said that an investment Banker can be appointed to study various options of acquisition.

Meeting Agenda Board will discuss the various names for the posts of CEO and SFO. Board has already sent the ball into government’s court. It must be learnt that government has kept the rights of appointment of the CEO and SFO with it. PMorgan and Goldman Sachs are among the banks short listed to advise the new board of fraud hit Satyam Computer. There is some positive news for Satyam also. According to some sources some big clients will kept on working with Satyam. According to GE spokesperson his company will keep on taking the services of Satyam it has not canceled any project. Malaysian Airlines has also said that it will carry on taking the Satyam services.

Investigation Meanwhile, CID raided the residents of relatives of Ramalinga Raju and recovered more than one hundred land documents and sale deeds that cover the purchase of hundreds of acres in the name of Ramalinga Raju’s family and some benami names. CID team raided on SRSR Holdings at Jubilee Hills and SRSR Advisory Services Private Limited at Begumpet. It must be learnt that SRSR Holdings at Jubilee Hills and SRSR Advisory Services Private Limited are a part of the Maytas Infra Limited promoters. Serious Fraud Investigation Office (SFIO) has extended scope of its ongoing probe according to the Centre Government directions and has brought Maytas Properties and Maytas Infrastructure also under the investigations. Former  Satyam directors, including Raju, his brother B Rama Raju and ousted interim-CEO Ram Mynampati, have been directed not to ‘alienate, charge, mortgage or sell any of their shares, securities and fixed assets, without leave of the CLB’. This move points out that they had siphoned off the company funds for their personal gains. It is also being said that Raju had confessed to diverting the Satyam funds to the two real estate companies owned by his family members. During the interrogation he admitted that land was purchased across Andhra Pradesh with the hope of making huge profits out of the real estate price rise.

Frauds Indian Foreign Affairs minister has termed Satyam episode as an isolated issue which has undoubtedly pictured the Indian economy in a ‘wrong frame’. He appealed to the international community not to take this episode as the representative of the Indian corporate sector. But Prime Minister Manmohan Singh has described it as a ‘blot on out corporate image’. In recent years Indian economy has been hit by man frauds. This has happened almost at regular intervals. It is happening because some people took the advantage of loop holes in the Indian judicial system and get away easily. This will kept on happening until those loopholes are not closed.