18 Jan 2009
MUMBAI: The prime minister seems determined to lift the veil on the murky Satyam saga. Commenting publicly on the scam for the first time, Dr.Manmohan Singh on Saturday said the government would unravel the nature of the fraudulent activities at the well-known IT firm and bring the perpetrators to book.
Speaking at The Economic Times Awards for Corporate Excellence, the Prime Minister called the Satyam episode a shocking development, describing it as "a blot" on India's corporate image. "It indicates how fraud and malfeasance in one company can inflict suffering on many and can also tarnish India's image more broadly," the prime minister said.
With India Inc listening in rapt attention, the PM urged corporate honchos to ensure that their systems are fully operational and able to avoid fraudulent activities "as is humanly possible". "Corporate leaders and managements hold positions of trust for shareholders, workers, and other stake holders. Their actions have reputational impact much beyond the reputation of their companies," he said.
The prime minister asked for support from the corporate chiefs for "setting the highest standards for Indian industry so that the world can say that we emerged from the Satyam scandal stronger and more credible." He said he had no doubt India could do that.
This is the first time the PM has spoken publicly on the scam. However, he has chaired several meetings with the minister for corporate affairs P C Gupta, home minister P Chidambaram and Sebi chairman C B Bhave, on launching a speedy investigation and implementing a strategy that focused on bringing Satyam back to its feet.
No comments:
Post a Comment