Agencies

MUMBAI, Jan 8: Terming disclosures of financial wrong-doings at Satyam Computer Services as an event of “horrifying magnitude,” market regulator Securities and Exchange Board of India (SEBI) on Wednesday said that it would take all steps under the law for which it has started discussions with the government and the bourses.

“We are in touch with the Ministry of Corporate Affairs... we are also in discussion with them as to what steps need to be taken from the perspective of power they have under the law and SEBI has under the law,” SEBI Chairman C. B. Bhave said.

The market regulator was also forwarding the letter written by Satyam’s Chairman Ramalinga Raju on his stepping down with the confession that the profits of the company were inflated over the years, leading to wide gap between real and imaginary assets.

“Our main effort is to see that whatever facts are available with any regulatory agency, those are put out and investors know the truth... I am sure we will have to learn few lessons from this as we get through the facts,” he said.