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Satyam's saga a setback to India's IT Industry: Nilekani

January 08, 2009 14:57 IST

Terming the Satyam [Get Quote] debacle as a 'black-eye',co-chairman of the country's second largest software firm, Infosys [Get Quote], Nandan Nilekani said on Thursday that is a setback to India's flagship IT sector.

"This incident is a black-eye because we have been promoting Indian entreprenuers, Indian corporate as the flagship of brand Indiaand when one of the lot really has a deplorable behaviour then obviously its not a good thing.

"It's something that is a setback to what we have been trying to accomplish," Nilekani told in an interview to a private television channel.

Talking about the fallout of the incident, Nilekani said, "Investors who have been shocked by this episode will obviously look for company numbers. We believe that the more data you share with the investors the better it is."

"All of us who run companies must really put ethics, corporate governance andrunning a transparent company in the front. If results are bad we should declare that, if profits are low we should declare that but we should not do anything which impairs the trust of our stakeholders," he added.

The resignation of Satyam chairman Ramalinga Raju on Wednesday morning after confessing to have forged and inflated the company's accounts for years has sparked fearsamong the Indian IT frims.

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