In a quick response to save India Inc's image from the ripple effects of the Satyam fraud, industry body CII has set up a special task force on corporate governance to be headed by former Cabinet Secretary and India's Ambassador to the US, Naresh Chandra.
The decision to set up the task force was taken by the National Council of the Confederation of Indian Industry which met in Ahmedabad.
"The issue of corporate governance was discussed in great detail in the context of the events at Satyam," the chamber said.
It said the task force would look at the issues emerging
out of the Satyam episode and make its recommendations.
The roles of independent directors and auditors have come in for a sharp criticism after unfolding of the Rs 7,800 crore (Rs 78 billion) Satyam fraud which has wiped about $3-billion market assets of retail and institutional investors.
Text: PTI
Image: Ramalinga Raju, Chairman and Founder, Satyam Computers and Parag Saxena, CEO, Vedanta Capital at Pan Asia Conference in Stanford. | Photograph, courtesy: Stanford University
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