Satyam may have siphoned money to Maytas: Deepak Parekh

Here is a verbatim transcript of the exclusive interview with Deepak Parekh on CNBC-TV18. Also see the accompanying video.

Q: Does this move surprise you because we have been talking about it on the channel? In fact we had information about three weeks ago that the government could possibly consider this. Do you think this is a move in the right direction?

A: Absolutely. It is a move in the right direction. We have seen from our experience in Satyam that the government has acted in a very speedy manner. We have brought some normalcy in the operations of Satyam. I think the investigative agencies must have found something that necessitated the Ministry of Company Affairs to take this action.

Q: Did you as part of the Satyam board have any knowledge that the government was planning to actually look at a supercession of both Maytas Infra and Maytas Properties boards? Were they discussed with the current Satyam board at all?

A: It was not discussed at the Satyam board but all of us had an inkling that such a thing is possible. First of all, Raju's two sons were running those two companies. There was a strong possibility that the investigative agencies tell us that some of the money may have been siphoned off from Satyam to Maytas Infra and Maytas Properties because these were personal companies of the Raju family. But I think it is a move in the right direction.

Continued on page 2...