New Delhi, April 13: India Inc on Monday said that the
completion of the bidding process for scam-tainted Satyam
Computer demonstrates the country's strength in dealing with
complex corporate issues.
"The smooth completion of the bidding process for Satyam
demonstrates that India has an adequate legal and
institutional mechanism for handling and resolving a major
corporate crisis," FICCI President Harsh Pati Singhania said.
He said the conclusion of the bidding process would help
Satyam to start a new innings and redeem its reputation as a
supplier of high-quality software and services
internationally.
"The deft handling of the Satyam issue would send a very
positive signal to the global community ... This would also
rebuild whatever credibility loss there may have been for
corporate India following the Satyam fiasco," said Singhania.
Assocham said the period of three months of uncertainty
has come to end with Tech Mahindra winning the bid.
"It's good news not only for Satyam and its employees
but the entire market as a lot of speculation was fuelled
about its possible takeover in the last three months,"
Assocham President Sajjan Jindal said.
With this, Satyam's market value would get stabilised,
benefiting its clients, employees and all stakeholders, he
added.
Bureau Report
First Published: Monday, April 13, 2009, 00:00