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Satyam a case of corporate governance failure: Nasscom

Satyam a case of corporate governance failure: Nasscom
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First Published: Wed, Jan 07 2009. 02 33 PM IST
Updated: Wed, Jan 07 2009. 02 33 PM IST
By PTI
New Delhi: Nasscom today expressed shock at the accounting fraud disclosure made by Satyam’s Chairman Ramalinga Raju, terming the incident as a failure of corporate governance.
Raju has once been the chairman of the apex body of the IT-BPO industry in India.
“While the law will take its course, this incident is particularly unfortunate as the Indian IT-BPO industry had set very high standards of ethics and corporate governance,” Nasscom said in a statement.
“We are sure that all the stakeholders would also treat this as an isolated issue and does not in any manner a reflection on the industry or corporate India,” it said.
Nasscom agreed to work with the Satyam Task Force to reach out to their customers and employees and guide them through the transition.
NASSCOM advocated the highest standards of ethics for the industry and we will work with our membership to re-commit to maintaining the highest standards of governance and transparency.
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First Published: Wed, Jan 07 2009. 02 33 PM IST
More Topics: Satyam | Nasscom | Ramalinga Raju | India | Industry |