Date:10/01/2009 URL: http://www.thehindu.com/2009/01/10/stories/2009011059191300.htm

National

‘Satyam, staff need to be protected’

Staff Reporter

Ashwani Kumar

CHENNAI: Satyam and its 50,000 plus employees need to be protected and those guilty should be prosecuted, Minister of State for Industrial Policy and Promotion Ashwani Kumar said here on Friday.

“I sincerely hope that an aberration exemplified by the Satyam fiasco is not allowed to impair the fair name of India’s corporate performance,” he said at a press conference.

The government had initiated inquiries under various provisions of the Companies Act and the Securities and Exchange Board of India had also done so to protect the shareholders’ interest, he said.

“The government will find out all the institutions and individuals who are guilty of conniving in the fudging of figures and actively prosecute the wrongdoers concerned. There would be no laxity at any level in bringing to justice those found guilty. At the same time we will ensure that the company is able – if possible – to survive so that innocent employees do not lose their jobs.”

Mr. Kumar said he understood that global competitors of Indian IT companies would like to take advantage of this unhappy position. “Hence Nasscom and India Inc. must vigorously defend the excellent track record of our companies.”

“The Satyam episode has brought to the fore a need for more effective and regular regulatory interventions to ensure that such mega aberrations become impossible,” he added.