Manmohan Singh hopes Satyam-like scams will not recurApril 13th, 2009 - 4:26 pm ICT by IANS
Mumbai, April 13 (IANS) Prime Minister Manmohan Singh Monday said he was glad at the successful outcome of the auction to sell controlling stake in Satyam Computer Services and hoped scams like that perpetrated on the company would not recur.
Reacting to Tech Mahindra winning the bid for a controlling stake in the scam-hit firm, the prime minister, here for election campaigning, told reporters that the government and the regulators were quick in their response when the financial fraud came to light.
“I am confident that our regulatory system has the resilience and strength to ensure that no such Satyams ever take place,” he said, expressing satisfaction at the manner in which the whole episode was handled over the past three months.
The Rs.78-billion ($1.5 billion) scam at Satyam surfaced in January when its founder and former chairman B. Ramalinga Raju admitted to inflating the accounts and assets of the company over several years.
The prime minister had called the fraud a “blot” on India’s corporate governance and said those responsible will be brought to book at the earliest.
Tags: assets, auction, corporate governance, election campaigning, financial fraud, India, manmohan, manmohan singh, prime minister manmohan, prime minister manmohan singh, ramalinga, regulators, regulatory system, resilience, satisfaction, satyam computer services, scams, stake, tech mahindra, three months