Corporate Governance Issues at Satyam Computers |
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"This was one of those few companies in India that supposedly had been doing things the right way - that is, the Western way. It allegedly had all the checks and balances a U.S. company would want in an overseas business partner. Its financial statements received repeated clean bills of health from a respected outside auditor, PricewaterhouseCoopers. And still its corporate governance rotted away from the inside."1 - Matt Kelly, Editor-in-Chief, Compliance Week2, in January 2009. "The idea of corporate governance has not sunk in as much as it should. Certainly we have dynamic, modern companies in which it has but in many family-owned businesses it has not. We need truly independent directors and auditors."3 - T K Bhaumik, Chief Economic Adviser, JK Organization4, in January 2009.
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1] "Satyam: Sanskrit for 'Compliance Nightmare,'"www.complianceweek.com,
January 11, 2009. ('Satyam' means 'Truth' in Sanskrit - a classical Indian language). |
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