Satyam one-off failure of corporate governance: Pranab

The Satyam scam was a "one-off, unfortunate case of failure of corporate governance", said Minister for External Affairs Pranab Mukherjee today.

The Satyam scam was a "one-off, unfortunate case of failure of corporate governance", said Minister for External Affairs Pranab Mukherjee today.

Addressing a meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI), Mukherjee said, "Satyam was an unfortunate case of failure of corporate governance? It was a one-off case. This single aberration should not undermine India's thriving IT industry or governance? The adverse fallout should not affect the IT export worth $40 billion."

He asked all FICCI members to take precautions. "I urge all members of corporate India to undertake special precautions and build diligence."

He said that while the government would "give freedom" to corporates, the firms must ensure all care is taken "under the norms of corporate and social responsibility".

Mukherjee also said the government was "doing everything to investigate and get to the bottom of the terrible scam".

He requested the apex chambers, including FICCI, "to take on the leadership role for sound practices in corporate India."

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