ID :
43657
Mon, 02/02/2009 - 09:49
Auther :
Shortlink :
http://m.oananews.org//node/43657
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India assures world that Satyam is a one-off incident
Indivjal Dhasmana
Davos, Feb 1 (PTI) Assuring the global audience that India's regulatory systems are strong, the country's government and corporate leaders described the multi-crore Satyam scandal as a one-off incident and said bigger frauds have happened in other countries.
India's Commerce and Industry Minister Kamal Nath,
Planning Commission Deputy Chairman Montek Singh Ahluwalia,
Science and Technology Minister Kapil Sibal, Rajya Sabha MP N
K Singh and India Brand Equity Foundation CEO Aparna Dutt
Sharma -- all present at the WEF meeting -- did not allow
themselves to be put on the defensive on the Satyam issue.
Ahluwalia said that while Satyam has been a negative
development, the Indian authorities have taken corrective
action.
He said the Satyam scandal would not have long-term
damaging impact on India "as long as we handle it properly
and it is seen that wrongdoers are not allowed to get away
with it; quick corrective actions are taken and I think ...
authorities are doing that."
When asked whether he faced tough questions on India's
biggest corporate scam, Ahluwalia said: "One or two people
have drawn attention to the fact that Satyam has been seen as
a very negative development, but they appreciated that it is
not only in India that these things happen, you have frauds in
Europe, you have frauds in the US ..."
The Satyam scandal came to light on January 7, with a
confession from the company's founder B Ramalinga Raju that he
had been cooking the firm's books for several years. Raju's
confession not only shocked India Inc but investors all over
the world.
Sibal also handled the issue in a similar way saying,
"There are any number of dishonest people all over the world.
These things can happen anywhere in the world and they have
happened in the west..."
Nath in an interview with BBC said that while the
regulatory mechanism in India may be strengthened in view of
the Satyam episode, the global economy should not view this
single incident as a "red flag".
N K Singh, a regular at the WEF meeting at the Swiss
holiday resort, said while this issue was raised repeatedly,
"people understand that there have been bigger frauds in
other parts of the world (the UK and US included)".
He said the Indian government has acted swiftly to the
Satyam crisis, sending a clear message to the world that
frauds would be brought to book. PTI
Davos, Feb 1 (PTI) Assuring the global audience that India's regulatory systems are strong, the country's government and corporate leaders described the multi-crore Satyam scandal as a one-off incident and said bigger frauds have happened in other countries.
India's Commerce and Industry Minister Kamal Nath,
Planning Commission Deputy Chairman Montek Singh Ahluwalia,
Science and Technology Minister Kapil Sibal, Rajya Sabha MP N
K Singh and India Brand Equity Foundation CEO Aparna Dutt
Sharma -- all present at the WEF meeting -- did not allow
themselves to be put on the defensive on the Satyam issue.
Ahluwalia said that while Satyam has been a negative
development, the Indian authorities have taken corrective
action.
He said the Satyam scandal would not have long-term
damaging impact on India "as long as we handle it properly
and it is seen that wrongdoers are not allowed to get away
with it; quick corrective actions are taken and I think ...
authorities are doing that."
When asked whether he faced tough questions on India's
biggest corporate scam, Ahluwalia said: "One or two people
have drawn attention to the fact that Satyam has been seen as
a very negative development, but they appreciated that it is
not only in India that these things happen, you have frauds in
Europe, you have frauds in the US ..."
The Satyam scandal came to light on January 7, with a
confession from the company's founder B Ramalinga Raju that he
had been cooking the firm's books for several years. Raju's
confession not only shocked India Inc but investors all over
the world.
Sibal also handled the issue in a similar way saying,
"There are any number of dishonest people all over the world.
These things can happen anywhere in the world and they have
happened in the west..."
Nath in an interview with BBC said that while the
regulatory mechanism in India may be strengthened in view of
the Satyam episode, the global economy should not view this
single incident as a "red flag".
N K Singh, a regular at the WEF meeting at the Swiss
holiday resort, said while this issue was raised repeatedly,
"people understand that there have been bigger frauds in
other parts of the world (the UK and US included)".
He said the Indian government has acted swiftly to the
Satyam crisis, sending a clear message to the world that
frauds would be brought to book. PTI
