The Rs.70 billion ($1.4 billion) financial scam in Satyam Computer Services is an isolated case and does not tarnish the image of the Indian corporate sector in any way, Commerce Minister Kamal Nath said in Mumbai on Saturday.
"India Inc has established its credentials. One delinquency cannot be taken as a slur on the entire Indian corporate sector," the minister said during the opening panel discussion of the Economic Times Awards at the Trident Hotel in Mumbai.
"The credibility of the Indian corporate sector, as I see it worldwide, is well respected. The transparency is well recognised, well established," he said, as Prime Minister Manmohan Singh and Maharashtra Chief Minister Ashok Chavan listened keenly.
"The premise that one Satyam episode has painted the Indian corporate in bad light - this is not the case," Kamal Nath told the gathering that included Who's Who of India's corporate world.