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India Inc. image dented: Centre

NEW DELHI: In its representation before the Company Law Board seeking dismantling of the Satyam board, following the financial fraud, the Centre said it had seriously dented the image and reputation of India Inc., besides causing huge losses to investors.

“The admission of fraudulent manipulation of the financial affairs has created an adverse impression in the minds of the trade, business and industry across the world. This has also resulted in serious damage to the reputation of the Indian corporate sector and the regulatory mechanism in the eyes of the world,” the government said.

Allowing the nomination of 10 new directors, the CLB asked the Centre to take necessary action to put the company back on track. The new board will submit periodical reports to the Centre and the CLB on the company’s state of affairs.

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