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Asking the industry to prevent fraudulent activities, he said India Inc should come out stronger from the Satyam fraud by keeping a close watch on their systems.
"Satyam episode is a blot on our corporate image. It indicates how far malfeasance in one company can inflict suffering on many and can also tarnish India's image," Singh said at the Economic Times Awards function.
He said the Government is determined to "unravel the full nature of the fraud and punish those who are involved..."
Acting swiftly after Satyam founder Ramalinga Raju admitted to cooking the company's books, the Government disbanded the Satyam board and nominated six eminent persons to the board to nurse it back to health.
Different wings, including the Serious Fraud Investigation Office and market regulator SEBI, have launched separate probes into the Satyam scandal which has brought uncertainty to the future of investors and 53,000 employees.
Singh asked industry captains to "look closely into their operations to ensure that their systems are fully operational and fraudulent activities are effectively prevented." He said actions of corporate leaders and management "have reputational impact much beyond the reputation of their companies."
Singh said the industry should support the Government in setting the highest standards "so that the world can say we emerge from the Satyam scandal stronger and more credible. I have no doubt we can do it and we shall do it."
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These types of frauds are very much written on the wall. Some more of the impending frauds are also visible. The reason is one and one only - the unlimited level of corruption in the political circles in our country. In the Raju fraud also, your madam's party is now all out to protect the politicians involved. Why so? Corruption is corruption, whosoever has done it. During your tenor how many big politicians have been punished for corruption? I do not mean that all our politicians are frauds, but at the same it is also true that all of them are not saints either. Am I right Mr. PM? Without political backing at the highest level frauds of such huge proportion, like Satyam, cannot happen? By the by have you done justice to the economist within your goodselves when your Govt. failed to come down heavily on hawala traffickers and black money launderers even after offers to help in the process from Germany and reminders from our CVC? No more bhashan .............actions please!!!
Our PM and the officials involved in the investigation should realise that the impact what they are feeding on to the media is going to make a bigger impact on the Economy of India. So, the investigations on this fraud should be kept as state secret for the benefit of our business !
Manmohan, no need to struggle to find out the truth. Ask your conscience.. it will tell you.. it is the corruption of yourself, Congress, sonia,and the congress chief minister YSR Reddy which was milking Satyam and Raju so much Raju could not hold it any more... dont think sonia can do this to Indians through you for too long..
How can creative accounting be avoided when all the UPA netas and their far removed relatives goons keeps mistresses extra marital affair holders etc all go around exorting money from all businesses in a secular manner? Remember that secular saint Xtian Sonia herself has brought up her brood of next generation Xtian Indian prince and princess and son in law on Bofors kickback. Is Sickh Manmoan suggesting that kickbacks should only be taken from foreign companies like Bofors?
tum bolte rahoe .log karte rahega.kub hai iska anth.o!bhagvan -------------------------------------------------------------------