New Delhi, Jan 12: In a quick response to save India
Inc's image from the ripple effects of the Satyam fraud,
industry body CII today set up a special task force on
corporate governance to be headed by former Cabinet Secretary
and India's Ambassador to the US, Naresh Chandra.
The decision to set up the task force was taken by the
National Council of the Confederation of Indian Industry (CII)
which met in Ahmedabad.
"The issue of corporate governance was discussed in great
detail in the context of the events at Satyam," the chamber
said in a statement here.
It said the task force would look at the issues emerging
out of the Satyam episode and make its recommendations.
The roles of independent directors and auditors have
come in for a sharp criticism after unfolding of the Rs 7,800
crore Satyam fraud which has wiped about three billion dollar
market assets of retail and institutional investors.
Satyam's founder and ex-chairman, arrested by CB-CID
police on Friday last week, was heading the corporate social
responsibility committee of CII and had enjoyed a tall stature
in the chamber.
Bureau Report
First Published: Monday, January 12, 2009, 00:00