India Inc calls it an exception | india | Hindustan Times
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India Inc calls it an exception

Industry chambers — the Confederation of Indian Industry and the Federation of Indian Chambers of Commerce and Industry said that the regulators must move quickly to demonstrate that this is an exceptional case.

india Updated: Jan 07, 2009 21:29 IST

Brand India could take a beating with the unfolding of the Satyam fraud case. Industry heads, however, said that the incident, which is also likely to dampen business sentiments and investors’ confidence, should be treated as an exception.

They said that there is no need to press the panic button as yet.

Industry chambers — the Confederation of Indian Industry and the Federation of Indian Chambers of Commerce and Industry said that the regulators must move quickly to demonstrate that this is an exceptional case. The overall standards of corporate governance in India are among the highest in the world today, they chambers pointed out.

CII said that though the occurrence of such an event is a matter of deep regret, it would be inappropriate for this to be the basis of questioning of general governance standards in other companies.

“The Satyam case has brought to fore a few questions on implementation glitches. This is where the regulator in consultation with India Inc could create checks and balances to ensure effective implementation of corporate governance norms,” Ficci said.