“L’ affaire Satyam”, December 19, shows that India Inc has failed to live up to the expectations of the investors. It is hard to imagine that a company which won the prestigious Golden Peacock Award for excellence in corporate governance should stoop to such a low level of corporate misdemeanour.
Both the firms operate in altogether different fields and have no synergy with Satyam’s business. You have rightly commented about the passive role of independent directors in this saga. Indian companies, particularly those with international exposure, should maintain high standards of corporate governance and remember that those industrial groups which practised unethical means have perished and some of the marquee names have headed for the scrapyard.
M M Gurbaxani, Bangalore