NASSCOM welcomes new Satyam Board

MUMBAI, INDIA: National Association of Software and Services Companies (NASSCOM), the apex body of the IT-BPO industry, welcomed the appointment of Deepak Parekh, Kiran Karnik and C.K Achuthan to the Board of Satyam.

“We are confident that this will help to ensure business continuity, build confidence and protect the interest of all the stakeholders – the employees, customers and investors” said Som Mittal, president, NASSCOM.

“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,” he added.

He said, by acting in this bold and coordinated manner, the government has sent the right signals to the global community and set an example of what governments can do to protect stakeholder interests while ensuring strict adherence to the rule of law.

Referring to the fraud that has come to light at Satyam, NASSCOM said it has been shocked by this isolated incident in an industry that generally represents the highest levels of corporate governance and transparency in the country.

NASSCOM will 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, it said.

Meanwhile, the apex body of the IT-BPO industry has decided to hold back its announcement on revised targets for the IT industry in the country due to the Satyam fiasco, say media reports.

“The revised IT industry target for fiscal year 2009 was supposed to be announced on the same day the Satyam fiasco happened,” PTI quoted NASSCOM chairman Ganesh Natarajan as saying.

“The targets were going to be announced at 11 am on that day but the Satyam scam broke at 10 am.”