New Delhi, Jan 12: Concerned over the financial fraud in Satyam, Prime Minister Manmohan Singh today reviewed the situation with the SEBI and senior Finance Ministry officials on the "further steps" needed to be taken.

"The Prime Minister is closely following the developments," PMO sources said.

During the day, he held discussions with SEBI Chairman C B Bhave and senior officials of the Finance Ministry on the further steps required to be taken.

Following the meeting, the Prime Minister directed Cabinet Secretary K M Chandrasekhar to "coordinate the approach of the government" on the issue, the sources said. SEBI chief briefs PM on Satyam issue

SEBI Chairman CB Bhave on Monday met Prime Minister Manmohan Singh and is believed to have briefed him about the latest developments on scam-tainted Satyam, which is the subject of a probe by the market regulator. Bhave, however, could not be contacted immediately for comments on the deliberations he had with Singh.

The Securities and Exchange Board chairman, Bhave, had started a series of meetings in New Delhi from Saturday when he met Corporate Affairs Minister Prem Chand Gupta and his Secretary Anurag Goel.

Concerned that India Inc's image will be dented by over Rs 7,000-crore Satyam financial fraud, senior industry leaders will meet Prime Minister Manmohan Singh on Monday and are likely to discuss ways to take urgent corrective measures.

Former CII President R Sashsayee, Jamshed Godrej of the Godrej Group and Suresh Neotia, Chairman of the Gujarat Ambuja, will be among the small group of industrialists meeting the Prime Minister.

Besides the Satyam saga, the World Bank has initiated action against five Indian entities, including Wipro Technologies for violating the guidelines of the multilateral lending agency on checking fraud and corruption.

On the Satyam issue, the industry has overwhelmingly welcomed the intervention of the government as it has disbanded the earlier board of the troubled IT firm and constituted a new one.

Bureau Report