Apex IT body shocked by Satyam chief’s confession

BANGALORE - Nasscom, the apex body of the IT-BPO industry in India, expressed its shock Wednesday at the confession made by Satyam Computers’ erstwhile chief B. Ramalinga Raju, who admitted to a Rs.40 billion fraud before quitting his post.

‘While the law will take its course, this incident is particularly unfortunate as the Indian IT-BPO industry had set very high standards of ethics and corporate governance,’ Nasscom said in a statement issued from its headquarters here.

Nasscom was evidently anxious to contain the panic that had spread following the exposure of what may be the biggest scam in the history of corporate India.

‘This is a stand-alone case of failure of corporate governance and it is critical that it be viewed in this light,’ it said in its statement. ‘We are sure that all the stakeholders would also treat this as an isolated issue. This is not in any manner a reflection on the industry or corporate India.

‘We will ensure that customers and other stakeholders get the right perspective. We will also work with the Satyam Task Force to reach out to their customers and employees and guide them through the transition.’

The industry organisation said: ‘Nasscom advocates the highest standards of ethics for the industry and we will work with our membership to re-commit to maintaining the highest standards of governance and transparency.’