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Now, L&T under SEBI scanner for Satyam comment
The Securities and Exchange Board of India and stock exchanges are examining AM Naik, Chairman, L&T, comments on Satyam, reports CNBC-TV18, quoting sources. In a conference call on January 27, Naik said L&T has more information than others.
Larsen & Toubro , Satyam's biggest institutional stakeholder is now under the Securities and Exchange Board of India (SEBI) scanner after its CMD AM Naik had commented he had more information on Satyam than others. CNBC-TV18's Vivek Law reports.
Sources said the market regulator was examining Naik's comments and would seek an explanation from him.
The stock exchanges, BSE and NSE, have written to Satyam on Naik's comments.
Infrastructure giant L&T, which initially picked up a 4% stake in Satyam and then hiked it 12%, much to the surprise of investors, has wanted to involve itself in the affairs of Satyam.
In a conference call for investors on January 27, Naik went on record to say, "I do appreciate that all of you will have quite a lot of apprehension in what we are doing, but I can only, as best as I can, assure you that we are taking every possible measure to see that we don't go for a very high-risk loan - right now, it looks high risk but we have far more information on what's going on."
Naiik added that L&T was "considered as a national company", one which wasn't an out-and-out private nor a totally government enterprise. "And with 31% shareholding by the government institutions I think, we are far more privy to encouragement and information than any other company [in the race to acquire Satyam] will have," he added.
Meanwhile, L&T said it has no information on the probe, and did not comment on the same.
