The Satyam Saga: Updates

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In the latest developments of the Satyam debacle, the income tax department has begun its own independent probe of the scam while agencies line up their own barrage of investigations.

IT Department also joins the investigator's bandwagon

The Income Tax department is the latest agency to initiate its own probe into the Rs, 7,800 crore scam. The Central Board of Direct Taxes chairman N B Singh told reporters that the department would look into the taxes deducted at source of the employees and tax irregularities which could have been brought about by dubious land deals.

Sebi to appeal for a day's custody of Rajus again

P C Gupta, Minister of Corporate Affairs, told the media that the Securities and Exchange Board of India would appeal against the decision of a Hyderabad court which denied it the custody of the Raju brothers for interrogation last week. The minister added that the previous application had technical issues which are understood to have contributed to the court's decision.

L&T keeps its options open

Engineering major, L&T, might take some corporate action in the future in relation to Satyam Computers. Speaking to a private news channel, L&T chief A M Naik said that the company was in touch with its decision makers and took steps to safeguard its initial cost of investment by raising its stakes in the beleaguered firm last week. He, however, did not disclose any specific plans about Satyam's acquisition.

Unverified report claims Caterpillar Inc. might snap ties

World's largest manufacturer of construction equipment, Caterpillar Inc., is going ahead with plans to terminate outsourcing contracts with Satyam, disclosed a Satyam employee to a private newspaper. The newspaper, however, said that the information has not yet been verified from both the companies' official outlets. It will come as a blow to the scandal-hit outsourcer which might see a huge number of other clients follow suit if Caterpillar takes this action.

All of this apart, the board has circulated a video message asking support from stakeholders and associates. The video has Deepak Parekh, one of the board members, talking about the liquidity crunch and giving assurance that arrangements were made for capital inflow in the following days.