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Ramalinga Raju, chairman of Satyam Computer Services, resigned from his post and confessed to indulging in fraudulent activities like inflating the books. The company's share price plunged by more than 70 percent as a result.
In a letter to the board giving details of the balance sheet, Raju acknowledged the company had inflated profits over the last several years.
Indian government on Wednesday said the company's financial wrong-doing case would be referred to the Serious Fraud Investigation Office, while asking the Registrar of Companies in Hyderabad to submit a report on the IT firm by January 14.
"We have received communication from Ramalinga Raju. Facts need to be verified. We have communicated the message to the Registrar of Companies in Hyderabad and given them a deadline of January 14, by when we will have all the information," Corporate Affairs Minister P C Gupta told reporters.
He said the case would be referred to the Serious Fraud Investigation Office, once facts are verified.
The government also said stern action under the law would be taken against the guilty after verifying the facts.
"No leniency would be shown if they are found guilty," Gupta said.
He said all the regulators have been asked to take coordinated action and ministry officials have been instructed to handle the case on priority.
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