NASSCOM welcomes new Satyam directors

He further said,“In the past few days,NASSCOM has been actively engaged with the government to provide the right perspectives,so that quick and decisive action can be taken. By acting in this bold and coordinated manner,the government has sent the right signals to the global community and set an example.”

NASSCOM has condemned the fraud that has come to light at Satyam. It has already constituted a task force to deal with this issue,the release said.

It further added that NASSCOM would continue to work with all stakeholders and do whatever it can,within its framework,to help an orderly transition to a new board and ensure business continuity. NASSCOM will also work with the government and regulators to identify what additional policies or procedures could be instituted to prevent such incidents from happening.

NASSCOM has also advised its member companies to demonstrate transparent disclosures,to a degree greater than before with the upcoming quarterly results.

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 release said.

It also said that NASSCOM welcomes SEBI’s announcement on disclosures and accounting standards regarding listed companies auditing. This swift move by SEBI will go a long way in restoring the investor confidence in India Inc,the release added.