Satyam an ‘isolated’ case in Indian corporate world: PranabJanuary 17th, 2009 - 5:42 pm ICT by IANS
Kolkata, Jan 17 (IANS) The Rs.70 billion (Rs.7,000-crore/$1.43 billion) Satyam Computer Services scam is an “isolated” case in the corporate sector of India, External Affairs Minister Pranab Mukherjee said here Saturday.”The Satyam scam has undoubtedly impacted our securities market. (But) Satyam is an isolated issue,” Mukherjee said at the fourth international convention organised by the Association of NSE Members of India.
“We will draw a lesson from this in making corrective decision to issue norms. One serious event of corporate failure is not a true picture of Indian economy,” he said.
Talking about the present global economic slowdown, Mukherjee said: “A global financial stimulus is necessary to address the global financial crisis. Impact of global financial crisis on India is inescapable.”
He stressed on the need for good corporate governance by all Indian companies.