Benami Deals Under Govt Lens

Benami Deals Under Govt Lens 22 Jan 2009, 0119 hrs IST, Pankaj Doval, TNN NEW DELHI: Government has trained its guns on the benami transactions of Satyam's disgraced former chairman B Ramalinga Raju and other tainted directors and officials. It received a 'restraint order' from the Company Law Board (CLB) against key promoters and former whole-time directors of the company, including Raju, his brother B Rama Raju and ousted interim-CEO Ram Mynampati, barring them from selling any assets under their control. The move points out to the fact that funds of Satyam might have been siphoned off for personal gains, sources in the government said. "They have been directed that they shall not alienate, charge, mortgage or sell any of their shares, securities and fixed assets, without leave of the CLB," corporate affairs minister Prem Chand Gupta said. The government filed the petition in the CLB to ensure that the persons managing Satyam's affairs previously do not profit or otherwise gain from any diversion or siphoning of funds. Apart from the Rajus and Mynampati, others who have come under the scanner are Satyam's former CFO Srinivas Vadlamani and company secretary G J Jayaraman. They have been asked to forward to the CLB particulars of their bank accounts, movable and immovable properties in India or elsewhere by February 20. According to those in the know, government is tightening its grip on the tainted promoters, directors and officials, and possibly their relatives and close associates, who may now come under the scope of investigations. They said the government would look into possible benami transactions the tainted top brass may have entered into to divert funds from Satyam for their personal gains. Official sources, however, refused to confirm.

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