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'Independent directors should have a greater say'

The Satyam Computer scam has highlighted the need for more powers for independent directors and reforming internal auditing standards, a top Infosys official said on Tuesday.

business Updated: Jan 20, 2009 15:39 IST

The Satyam Computer scam has highlighted the need for more powers for independent directors and reforming internal auditing standards, a top Infosys official said on Tuesday.

"We have to improve the institutional framework of companies and need to give more powers and authority to independent directors. Also, the regulations should be enforced much faster," Infosys Technologies board member Director (Human Resources) T V Mohandas Pai told reporters on the sidelines of an IBA-organised seminar in Mumbai.

Noting that the Satyam case is an aberration and unlikely to affect the domestic IT industry, Pai said the law needs to be amended to ensure that auditing standards are enforceable.

"I strongly feel that this (Satyam fiasco) is an aberration...This is a fraud. This has nothing to do with the risks in (the) industry. The law needs to be amended to make sure that auditing standards are enforceable. We need to remember that nothing can eliminate fraud but can only minimise fraud," Pai said.