Sc: No Urgent Hearing To Pil For Satyam Investors Protection

SC: No Urgent Hearing To PIL For Satyam Investors Protection 1/14/2009 The Supreme Court refused to give urgent hearing to a Public Interest Litigation (PIL) seeking protection for investors of Satyam Computer Services Ltd. M L Sharma, advocate, in his petition has prayed to the court to direct the respondents to cancel the entire purchase contract dated December 23, 2008 in Pyramid Saimira shares and to square-up carry forward contract as on January 6, 2009 in Satyam, as illegal and void. According to Mr Sharma, the founder chairman of Satyam Computer Services, Ramalinga Raju has perpetrated a huge fraud of over Rs 7,800 crore on large number of investors/ share holders of the company and SEBI and NSE took no action despite the fact that the IT company has been blacklisted by the World Bank for the last eight years. According to the petitioner the financial fraud was committed on the basis of forged SEBI letters dated December 23, 2008. A bench comprising Chief Justice K G Balakrishnan and Justices P Sathasivam and J M Panchal declined Mr Sharma’s request far early hearing of the petition saying the government was already making efforts in this regard. The government has already appointed three directors, Deepak Parekh, Kiran Karnik, C Achuthan on Satyam Board in a bid to revive the software major and to protect the interests of share holders and jobs of its 53 thousand employees whose future have become uncertain. UNI

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