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Nasscom shocked; says Satyam is one-off case

January 07, 2009 14:09 IST

The National Association of Software and Services Companies, the apex body of the IT-BPO industry in India, on Wednesday expressed shock at the disclosures made by Satyam Computer Services [Get Quote] chairman B Ramalinga Raju.

'While the law will take its course, this incident is particularly unfortunate as the Indian IT-BPO industry had set very high standards of ethics and corporate governance. This is a standalone case of failure of corporate governance and it is critical that it be viewed in this light,' Nasscom said in a media statement.

'We are sure that all the stakeholders would also treat this as an isolated issue. This is not in any manner a reflection on the industry or corporate India,' the statement added.

'We will ensure that customers and other stakeholders get the right perspective. We will also work with the Satyam Task Force to reach out to their customers and employees and guide them through the transition,' said the Nasscom note.

'Nasscom advocates the highest standards of ethics for the industry and we will work with our membership to re-commit to maintaining the highest standards of governance and transparency,' the note added.

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