‘Satyam scam won’t affect Indian IT sector’

January 16th, 2009 MUMBAI - 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 here Saturday. 'India Inc has established its credentials.

May 11th, 2009 NEW DELHI - US President Barack Obama's recent announcement on tax crackdown on companies outsourcing to overseas firms will not affect the Indian IT sector, an industry official said here Monday. 'It will impact only American companies.

February 11th, 2009 NEW DELHI - The Satyam scam was a 'one-off, unfortunate case of failure of corporate governance', Minister for External Affairs Pranab Mukherjee said here Thursday. 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.

January 14th, 2009 NEW DELHI - The government has no plans to unveil a bailout package for fraud-hit Satyam Computer Services and the company's new board will decide its future course of action, Minister of State for Industry Ashwani Kumar has said. 'This government is not going to either directly or indirectly subsidise the wrongdoing and fraud in Satyam,' Kumar told reporters on the margins of an international conference on petroleum sector here Thursday.

January 8th, 2009 CHENNAI - The Satyam Computers Services fraud that has shaken the Indian software services sector will not have any cascading impact on the other players, Communications and IT Minister A. Raja said Friday.

February 5th, 2009 NEW DELHI - Noted technocrat Kiran Karnik was Friday named chairman of the scam-hit Satyam Computer Services even as the probe by the Serious Fraud Investigation Office was extended to 325 more companies associated with the beleaguered firm. Corporate Affairs Minister P.C.

January 24th, 2009 KOLKATA - The global economic meltdown has reduced the pace of growth of West Bengal's showpiece IT sector, but the state wants to build IT infrastructure and develop a talent pool so that it's ready when times get better. 'During the last financial year, the IT sector in the state grew around 46 percent in dollar terms against the national growth of 28 percent,' state IT Minister Debesh Das told IANS.

March 5th, 2009 CHENNAI - Global audit firm PricewaterhouseCoopers (PwC) is cleaning up its Indian stables in the wake of the accounting scandal in Satyam Computer Services. According to a statement by the firm, an advisory board is being set up to provide guidance to the PwC leadership on its strategy and actions.

January 19th, 2009 NEW DELHI - The IT bellwether Satyam Computer Services, embroiled in a Rs.70 billion ($1.7 billion) financial scam, has received buyout offers from both domestic and foreign firms, its new board member Tarun Das said Tuesday. 'Satyam has got enormous fixed, human resources and technology assets.

February 17th, 2009 NEW DELHI - The Central Bureau of Investigation (CBI) Wednesday will take over the investigation into the Rs.70-billion (Rs.7,000-crore/$1.43 billion) Satyam accounting fraud from the Andhra Pradesh police. 'We have received the notification from the government of India to take over the Satyam Computers scam cases from CID, Andhra Pradesh.

February 11th, 2009 NEW DELHI - The Rs.70 billion (Rs.7,000 crore) accounting fraud at Satyam computer Services was not a corporate scam but a 'governmental scandal', senior Bharatiya Janata Party (BJP) leader L.K. Advani said.

February 9th, 2009 NEW DELHI - Terming the Satyam Computer Services scam a 'singular case', a senior Singapore diplomat said here Tuesday that India would be able to face up to the crisis and emerge 'stronger' from it. 'What happened to Satyam came as a surprise and shock, but we are pleased at the speed of the Indian government that has replaced the board with very credible and highly respected individuals,' Tommy Koh, ambassador-at-large at Singapore's ministry of foreign affairs, told reporters.

January 29th, 2009 NEW DELHI - The $1.4-billion Satyam fraud has shaken the collective conscience of Indians and the government will ensure it does not impact its $64-billion software industry, Minister of State for IT and Communications Jyotiraditya Scindia has said. 'A fraud of this proportion being committed by the very people whose nature we thought was exemplary until this incident happened is something that shakes our confidence and trust,' the young minister said, referring to the fraud perpetrated by the founders of India's fourth biggest software services company.

January 14th, 2009 NEW DELHI - The government Thursday named three more directors to the Satyam Computer Services board, including Tarun Das, chief mentor of the Confederation of Indian Industry (CII), even as it rejected a bailout package for the fraud-hit company. Minister for Corporate Affairs P.C.

January 20th, 2009 NEW DELHI - The government has taken no view on the proposals from domestic and international companies to buy the fraud-hit Satyam Computer Services and left the decision to its new board, Corporate Affairs Minister Prem Chand Gupta has said. 'There are many corporate houses, they are interested,' Gupta told reporters on being asked if the government was interested in hiving off the beleaguered firm to engineering and construction giant Larsen and Toubro.