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Satyam’s bidding shows India’s strength: India Inc

India Inc said the completion of bidding process for Satyam demonstrates the country's strength in dealing with complex corporate issues.

Written by Agencies | New Delhi |
April 13, 2009 3:33:34 pm

India Inc on Monday said that the completion of the bidding process for scam-tainted Satyam Computer demonstrates the country’s strength in dealing with complex corporate issues.

“The smooth completion of the bidding process for Satyam demonstrates that India has an adequate legal and institutional mechanism for handling and resolving a major corporate crisis,” FICCI President Harsh Pati Singhania said.

He said the conclusion of the bidding process would help Satyam to start a new innings and redeem its reputation as a supplier of high-quality software and services internationally.

“The deft handling of the Satyam issue would send a very positive signal to the global community … This would also rebuild whatever credibility loss there may have been for corporate India following the Satyam fiasco,” said Singhania.

Assocham said the period of three months of uncertainty has come to end with Tech Mahindra winning the bid.

“It’s good news not only for Satyam and its employees but the entire market as a lot of speculation was fuelled about its possible takeover in the last three months,” Assocham President Sajjan Jindal said.

With this,Satyam’s market value would get stabilised,benefiting its clients,employees and all stakeholders,he added.

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