It's just fraud, not corporate governance failure: Mittal
It can be termed as unfortunate, but nobody can do anything if someone is contemplating fraud, Indian corporate leader Sunil Mittal said about the massive financial wrong-doings at Satyam Computer.business Updated: Feb 18, 2009 04:02 IST
It can be termed as unfortunate, but nobody can do anything if someone is contemplating fraud, Indian corporate leader Sunil Mittal said on Tuesday about the massive financial wrong-doings at Satyam Computer.
"It's unfortunate. But this is not a corporate governance issue. It is clearly a fraud," Mittal told PTI on the sidelines of the Mobile World Congress being held yere.
"Most of the Fortune 500 companies were (being) served by Satyam. The board was very strong. If fraud is going on in someone's mind, nobody can do anything about that," said Mittal, who heads India's largest telecom company Bharti Airtel.
Indian IT firm Satyam's founder and the then Chairman B Ramalinga Raju shocked the corporate world last month with a disclosure of about Rs 7,800 crore financial wrongdoing at the company through over-statements of profits and under-statement of obligations over several years.
Since then, the company's board has been superseded by the government and the fraud is being investigated.