Nasscom Welcomes New Satyam Board

by CXOtoday Staff    Jan 12, 2009

Nasscom, the apex body of the IT-BPO industry, welcomed the appointment of Deepak Parekh, Kiran Karnik and CK Achuthan, to the Satyam board.


We are confident that this will help to ensure business continuity, build confidence and protect the interest of all the stakeholders: the employees, customers and investors, said Som Mittal, president, Nasscom in a statement.


The body was actively engaged with the government to provide the right perspectives, so that quick and decisive action can be taken. By acting in this bold and coordinated manner, the government has sent the right signals to the global community and set an example of what governments can do to protect stakeholder interests while ensuring strict adherence to the rule of law, he said.


The key priority at this time is to ensure business continuity and protect the interests of employees, customers and shareholders. Towards this end, we are engaged intensely over the last few days with its members, senior government officials, regulators and Satyam’s interim management to focus on and communicate these priorities. We believe this is the best thing we can do at this time to help restore confidence amongst employees, customers and investors swiftly, Mittal said.


Nasscom will continue to work with all stakeholders and do whatever it can, within its framework, to help an orderly transition to a new board and ensure business continuity. It is imperative, however, that thorough investigations are completed and all facts ascertained before deciding on what further action is required by all parties concerned. The body will also work with the government and regulators to identify what additional policies/ procedures could be instituted to prevent such incidents from happening.


Over the past few days, Nasscom and its member companies have reached out to their customers, so that the customers remain committed to India as a trusted destination, viewing this as an isolated case. It has also advised its member companies to demonstrate transparent disclosures, to a degree greater than before with the upcoming quarterly results.

Related Link: New Satyam Board to Meet Today