The Hindu : Andhra Pradesh / Hyderabad News : T.R. Prasad shocked, Aberdeen AM silent

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Thursday, Jan 08, 2009
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Andhra Pradesh

Andhra Pradesh - Hyderabad

T.R. Prasad shocked, Aberdeen AM silent

Special Correspondent

This is an unprecedented event: ICICI Prudential Life
ASSOCHAM expresses “deep shock”

HYDERABAD: Independent director on the Satyam Board T. R. Prasad wants to wait as the “shocking developments” are still unfolding in the company, while the single largest stakeholder Aberdeen Asset Management company preferred silence.

Mr. Prasad said: “The unfolding developments in the company are shocking. I cannot comment at this juncture. Let the situation unfold and we will know more.” ISB Dean M. Rammohan Rao, who resigned as independent director recently, said: “It has been deeply disturbing for me to read the news reports this morning. I am stunned by this revelation.”

Adrian Lim of Aberdeen Asset Management Company declined to comment. ICICI Prudential Life Insurance, the third single largest stakeholder in Satyam, said: “This certainly is an unprecedented event. As a long term fund manager, we have strong risk management controls which ensure that there is adequate diversification in the portfolio with negligible concentration risk at any point of time.”

The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has expressed “deep shock and disappointment” over financial irregularities that happened at Satyam Computers and suggested setting up of a special committee to investigate the entire issue so that culprits are identified and brought to book.

IDC Country manager Kapil Dev Singh foresaw wider connotations for the industry in general and IT/ITeS industry in particular. The series of incidents is quite shocking in the face of what appeared to be an impeccable company and source of hope and aspirations for the stakeholders until a few months ago. “The term ‘business ethics’ has never been so badly abused in India as this incident,” he said.

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