The gloves are off in the fight between the Union Government and Opposition on who is helping scam-tainted Satyam Computer Services Ltd.
The Opposition charges the Congress-led United Progressive Alliance (UPA) Government of being hand-in-gloves with the Andhra Pradesh government led by YS Rajashekhar Reddy.
The UPA denied the charges levelled by the Opposition.
“Lets not give it a political touch. Collapse of Satyam is not good in the larger interst of the country” Company Affairs Minster PC Gupta said in Rajya Sabha on Tuesday.
“This investigation will be diluted. So I am requesting to institute a Parliamentary Standing Committee to probe this scam,” demanded a Telugu Desam Party (TDP) Rajya Sabha member.
CNN-IBN has learnt that the Congress could well find itself on the back foot in this crisis. The TDP has already presented a full chargesheet against the Andhra Chief Minister Rajashekhar Reddy and his son Jagan on their alleged involvement with Satyam.
Charges will now become part of the investigation.
Jagan is charged of illegally getting almost Rs 120 crore to start his firm Sandur Power
It was a sum that was invested in 2005 by two companies — 2iCapital and Fluri Emerging Capital
Sandur went on to float some subsidiary companies like – Classic Reality, Caramel Asia, Bhavati Sanidhi Estates, Harish Infra.
Each of these companies were used to float separate firms including Jagan’s pet Jagathi publications and Indira Television
The overall money generated to fund these enterprises is more than Rs 200 crore.
Questions are now being raised on whether the initial capital for this entire business empire came from Satyam founder Ramalinga Raju
The Congress has, however, denies all these charges.
Satyam scandal has turned out to be one of the biggest instances of corporate fraud in India. On the eve of General Elections, expect some more dirt being thrown from both sides.
Source: http://ibnlive.in.com
