No structure to protect whistle blowers: Khurshid

Last Updated: Wednesday, September 30, 2009 - 19:51

New Delhi: Regretting that there is no structure in place for whistle blowers alerting on companies` wrongdoings, Corporate Affairs Minister Salman Khurshid on Wednesday said they need to be encouraged and protected.

"Many companies, chartered accountants complain to me
that we don`t have a listener to our whistle. Where do we go
and blow our whistle. This is a big problem," Khurshid told
a news agency in reply to questions relating to possibilities of insider
trading in the Satyam Computer case.

"If, we are to encourage people who have special
knowledge and in public interest should be disclosing that to
someone I think its a very good idea.

"There are ways of protecting the identity, the interest
of the whistle blower, but we also know that we have not put
anywhere in the country a structure for whistle blowing,
inviting whistle blowers," he said.

Asked if there could have been insider trading in Satyam
deal as there were reports -- a day before the scam broke out
-- that Tech Mahindra was looking at a merger deal with Satyam
Computer, and another suitor L&T was purchasing shares of
Satyam, Khurshid, however, asserted that there was a complete
transparency in the bidding process.

"You can speculate about anything, but there was a
completely open and transparent bidding...under an open
transparent bidding, somebody who has a locus can always come
and say that it was acceptable for such and such reasons," he
said.

Bureau Report



First Published: Wednesday, September 30, 2009 - 19:51

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