Satyam, A Wake-up Call: Kotak

by UTVi Desk    Jan 09, 2009

Uday Kotak, executive vice-chairman and MD of Kotak Mahindra Bank, says the Satyam fraud is a wake-up call for India Inc.

He said Premji and Narayana Murthy are models of outstanding corporate governance and there are lessons for India Inc. lies in Murthy and Premji models.

Auditors, he said, have to go back to basics and that there s no accountability of legal opinion in. Kotak said there s a mutual back-scratching between third parties.

The government has also rushed an eight-member team to Hyderabad to investigate the accounts of eight subsidiary companies of Satyam Computer Services. Government officials investigating the multi-billion Satyam fraud seized documents from the premises of the company and its record office in Hyderabad.

More Stories on the Satyam Scandal:

Satyam CFO Attempts Suicide

NYSE Halts Trading Satyam Stock
Infosys Will Not Buy Tainted Satyam
India Inc Asks: Was the Board Really Unaware?
PwC Role in Satyam Fiasco will be Probed: ICAI
Mynampati Attempts to Raise Employee Morale
Satyam to Undergo Stringent Scrutiny
Raju Admits Fraud in Satyam Balance Sheet
R. Raju’s Letter to the Satyam Board
Foreign Firms Wary as Satyam Trial Looms
Satyam Dims India Shining Story
YSR Urges Team to Manage Satyam Affair

Was Satyam Just Plain Unlucky?