WorldBank : The just started week can be good for Satyam as first SEBI ( Securities & Exchange Board of India ) reviewed its much awaited policy for takepver norms for distressed companies.  Now its WorldBank to delight satyam shareholders as in the statement bank said , it can review the eight year ban on the company provided it takes corrective actions.

"The vendor would have to demonstrate (that) corrective action had been taken to address the original causes of the ... Ineligibility," a World Bank official from Washington told PTI in an emailed statement.

The official further said action should substantiate that Satyam is "again a responsible vendor with whom the Bank can do business".

Satyam had filed a request for review of the ban after a government appointed board took over the company following the declaration made by R Raju, its former chairman, where he admitted to fudging the company’s books of account for around seven years.

In 2008, the World Bank placed an eight-year ban on Satyam for providing improper benefits to the bank’s staff and also for failing to maintain records relating to fees charged for sub-contractors.

Satyam has a strong case for a review of the ban since its old board and management have been changed after its disgraced founder Chairman B Ramalinga Raju admitted to fudging accounts to the tune of Rs 7,800 crore.

Aggregated : MoneyControl & PTI ( Press Trust of India )

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