New Delhi: The Institute of Chartered Accountants of India (ICAI) has constituted a high power committee in the light of recent happenings concerning the accounting skullduggery by Satyam Computers.

This was announced by Mr. Ved Jain, ICAI President, after the 284th council meeting of ICAI held from January 12 to 13, 2009.

The committee will look into the entire gamut of the Satyam fiasco, including coordination with the investigation, being carried out by various agencies to go into the roots of the problem, effectiveness of the system in place and systemic issues.

The committee will also identify the root causes behind the issue and discover the persons involved or associated with this issue.

In addition, the committee will also suggest changes wherever required, for the purpose of making appropriate recommendations to the Central Government, Securities and Exchange Board of India (SEBI) and other Regulators.

The committee will be headed by Uttam P. Agarwal, Vice-President, ICAI. Other members of the committee are Mr. K.R. Maheshwari, Chairman, Central Council Member, CA, S.L. Daga, Central Council Member, CA, Amarjit Chopra, Central Council Member, CA, Akshay Kumar Gupta, Central Council Member, CA, Subhod Kumar Agarwal, Central Council Member.

The committee has been asked to submit its report latest by February 11, 2009.

Meanwhile, the Government has also initiated an investigation by the Serious Fraud Investigation Office (SFIO) into various corporate aspects of the Satyam Computer Services Ltd. case.

Mr. Prem Chand Gupta, Minister of Corporate Affairs, ordered this investigation under section 235 of the Companies Act, 1956 after getting a report from the Registrar of Companies, Andhra Pradesh. SFIO has been asked to look into all aspects of the case and to give its report within 3 months.

Gupta has reiterated that the Government is concerned about the fate of the thousands of employees and lakhs of shareholders of Satyam Computer Services Ltd. and no stone will be left unturned to safeguard their interests.