Khurshid hopes for ‘satisfactory solution' to US penalty on Satyam
Friday, July 16, 2021 5:28 PM

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Bangalore, July 16

The Union Minister for Corporate Affairs, Mr Salman Khurshid, on Friday said there will be a “satisfactory solution” to the issue pertaining to a possible penalty by the US Securities Exchange Commission on Mahindra Satyam (NYSE:SAY) over charges of violation of norms by the company's previous management.

Talking to reporters on the sidelines of the ‘India Investor' summit in Bangalore, Mr Khurshid said, “We haven't heard anything officially. But the sense is that there will be a satisfactory solution. Now, what the solution will be, it is difficult to say. We haven't been communicated anything formally.”

Mahindra Satyam (erstwhile Satyam Computer) faces penalty in the US as its shares are listed on the New York Stock Exchange.

In another corporate affair relating to retailer Subhiksha, there have been reports that the case has been referred to the Serious Fraud Investigation Office (SFIO). Questioned on this, Mr Khurshid said, “I really wouldn't know. Beyond a certain stage, if we feel a certain matter needs to be investigated further, then it goes to the SFIO, which is a separate investigative wing of our Ministry. The SFIO then has to come to a conclusion whether the matter requires prosecution or not depending on the evidence. That is a routine procedure. But I don't know details of cases specifically.”

On the issue of disinvestment, Mr Khurshid said the Government wants to reach out to retail investors as that is the real idea of disinvestment. “We want to reach out to ordinary people to make public sector units truly held by the public,” Mr Khurshid.

Earlier, speaking at the investor summit, Mr Khurshid said it is important to make investing in the capital markets a movement across the country.
“But with the whole world moving to plastic and electronic money, we need to accept the new reality and make the transformation from the tangible to the intangible. We need to convert savers into investors… In the next few years, we must develop the capital market story into a movement across India, including rural and semi-urban areas.”

To increase investor intellect and awareness, the Ministry has lined up 3,000 events this year across the country, the Union Minister said.



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