Click to play videoNew Delhi: Hitesh Shah is one among the thousands of small investors from Gujurat hit by the shocking Satyam fraud. He had purchased 306 shares of Satyam Computers at Rs 476 per share. The billion dollar fraud sent company stocks into freefall and in the process, the value of Hitesh's investment of close to Rs 1.5 lakh has become less than Rs 8,000.
"The Government ought and must do something about this. Retail investors have been hit the worst. I could not sleep or eat properly," says Shah.
Acting on an application filed by the Ahmedabad-based All Gujarat Investor Protection Trust, the Chief Metrolpolitan Magistrate has directed the Gujarat CID to carry out a separate investigation in the Satyam fraud case.
The applicantion, filed against promoters of Satyam, SEBI, the stock exchanges as well as the audit firm says that there is a need for an impartial inquiry as all the accused are high profile people.
One of the applicants, Narensh Panchal says, "Yes I am satisfied. These are high profile people and might stall investigations. So we have sought an independent investigation."
President Gujarat Investor Protection Trust, Hemantsingh Jhala adds, "Small investors from Gujarat lost a lot of money. If the SEBI and the Government had acted in time, they would be safe."
For now though, Hitesh Shah, and thousands of investors like him have little hope of getting their money back.
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