SEBI initiates probe into Satyam fiasco

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Posted: Thursday, Jan 08, 2009 at 1452 hrs IST
Updated: Thursday, Jan 08, 2009 at 1452 hrs IST

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Mumbai: Market regulator Securities and Exchange Board of India, which has ordered a probe into the Satyam scam, on Thursday swung into action despatching its investigation team to Hyderabad.

The committee, headed by Sebi's Southern Region General Manager A Sunil Kumar, has reached Hyderabad and will start the investigation soon, a senior Sebi official said.

Sebi formed the special team following the confession by the IT-major's Chairman B Ramlinga Raju yesterday admitting gross manipulations in the company's balance sheets in the past several years.

Shares of Satyam had slumped to a 10-year low on Wednesday following the developments in the company.

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