Prime Minister Manmohan Singh today described the Satyam Computer episode as a blot on India’s corporate image and said the government was determined to get to the root of the fraud.
The event showed that misconduct in one company could affect several others, he said at an awards function in Mumbai. “The government is determined to unravel the nature of the fraud,” Singh said.
Separate probes, including one by the Serious Fraud Investigation Office, is on into the Rs 7,800 crore fraud disclosed by Satyam’s disgraced founder Ramalinga Raju on January 7. In a quick intervention, the government disbanded the Satyam board and replaced it by nominating six eminent professionals to run the company, which employs 53,000 people and has presence in 60 countries.
