RBI for all accounting details of Satyam

RBI for all accounting details of SatyamExpressing concerns over financial and accounting mishandling by IT giant, Satyam Computer Services, the Reserve Bank has asked all concerned banks to provide details of indirect loan and equity data concerned with Satyam. The international branches of Indian banks that have exposure in Satyam Computer Services are also asked to submit all account details if any, pertaining to the embattled company.

The banks can be asked to cancel short term loans to the company to maintain the minimum margin amount. The move is aimed to make company shares afloat in the market as they were plunged down to 78 per cent on Wednesday trading at Bombay Stock exchange.

Institutional holders can also be asked to follow the usual debt recovery route. RBI would hold a special meet of all concerned banks to deal with situation.

The concerned banks are gearing up to classify the non-performing assets as the company has already admitted financial irregularities in accounts. Banks needs to maintain adequate dues against non-performing assets as per guidelines of apex bank. State Bank of India (SBI) has reportedly exposure of around Rs 200 crore to the company. However, no bank has exposure of more than 1 per cent in the company.

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