"We did have a fraud, a fraud in one of our IT companies.

The company was providing world-class services to its customers... The company has been constituted with a new board and they continue to supply their world-class services. We have to separate the owner from the company," Commerce Minister Kamal Nath told a press conference at the World Economic Forum in Davos.

Nath said Satyam has blue-chip customers, who have been receiving world class services for many years.

"That is expected to continue. (The) new board will look at that," he said.

While the fraud is surprising and shocking, more so since the company was listed on a US bourse and had internationally-reputed auditors, it is not a reflection of the Indian corporate sector, which maintains the global standards of management, the Commerce Minister said.

He said the fraud was not systemic and is one-off incident.