NEW DELHI: The government on Thursday reiterated that it is not considering any bail-out for the scam-hit Satyam as the company has adequate assets and can bounce back if run professionally.
"Neither they (Satyam) have asked for it, nor are we coming out with any bail-out package," finance minister Pranab Mukherjee said in Rajya Sabha, adding that the company has adequate assets that can make it float, if run professionally.
The FM, assuring the Upper House that the interest of 50,000 employees would be protected, said: "The government is aware that it is an important company, with a large number of international clients and with a good name, if run professionally, it can be re-established."
Brushing aside suggestions that the Andhra Pradesh government was attempting to shield the perpetrators of the Satyam scam, Mukherjee said: "The government's intention is not to bail out anyone. The government's interest is not to protect any wrongdoer, full investigation into the matter will be conducted and the guilty punished."
Opposition MPs alleged that the YSR government was attempting to protect the Raju brothers by interfering in the multi-agency investigations into the Rs 7,800-crore scandal.
"There is no question of interfering or barring the statutory authorities from functioning. The chief minister has completely assured me of full cooperation with all agencies. The chief secretary of the state has been designated as the nodal officer for the investigating agencies," he said.
When members alleged that state government prevented SEBI from questioning the accused, Mukherjee said: "There is no question of influencing (the probe) or not allowing any statutory authority to complete the investigation."
Mukherjee said apart from the CBI, the Serious Fraud Investigation Office (SFIO) and the Securities and Exchange Board of India (SEBI) are also investigating the fraud.
"CBI has been given the case to investigate the criminality of the matter and it will take some time to come out with the results," the FM added.
Source: http://timesofindia.indiatimes.com/Business/India-Business/Government-not-to-bail-out-Satyam-Pranab-Mukherjee/articleshow/4155415.cms
"Neither they (Satyam) have asked for it, nor are we coming out with any bail-out package," finance minister Pranab Mukherjee said in Rajya Sabha, adding that the company has adequate assets that can make it float, if run professionally.
The FM, assuring the Upper House that the interest of 50,000 employees would be protected, said: "The government is aware that it is an important company, with a large number of international clients and with a good name, if run professionally, it can be re-established."
Brushing aside suggestions that the Andhra Pradesh government was attempting to shield the perpetrators of the Satyam scam, Mukherjee said: "The government's intention is not to bail out anyone. The government's interest is not to protect any wrongdoer, full investigation into the matter will be conducted and the guilty punished."
Opposition MPs alleged that the YSR government was attempting to protect the Raju brothers by interfering in the multi-agency investigations into the Rs 7,800-crore scandal.
"There is no question of interfering or barring the statutory authorities from functioning. The chief minister has completely assured me of full cooperation with all agencies. The chief secretary of the state has been designated as the nodal officer for the investigating agencies," he said.
When members alleged that state government prevented SEBI from questioning the accused, Mukherjee said: "There is no question of influencing (the probe) or not allowing any statutory authority to complete the investigation."
Mukherjee said apart from the CBI, the Serious Fraud Investigation Office (SFIO) and the Securities and Exchange Board of India (SEBI) are also investigating the fraud.
"CBI has been given the case to investigate the criminality of the matter and it will take some time to come out with the results," the FM added.
Source: http://timesofindia.indiatimes.com/Business/India-Business/Government-not-to-bail-out-Satyam-Pranab-Mukherjee/articleshow/4155415.cms
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