The Union Corporate Affairs Ministry has put in place an objective and analytical early warning system to detect irregularities in companies in advance.
“The system before us is a lipid profile of the companies. If something goes wrong, we can advise ourselves and advise them as well,” Union Corporate Affairs Minister Salman Khurshid said adding the new system was working “rather well”.
New paradigm
The Minister was here to participate in the first anniversary of Mahindra Satyam, the new brand identity of the erstwhile Satyam Computer Services that was taken over by Tech Mahindra last year. The Satyam episode, he said, was a new paradigm of how government could approach the industry both in times of opportunities and during crises.
Asked about his reported request to the U.S. Securities and Exchange Commission to go slow on Satyam, he said “we cannot punish a victim who is undergoing rehabilitation and that is the principle we have emphasised.”
Mahindra Satyam Chairman Vineet Nayyar said the ‘huge scam' was done by a small number of people who were completely insulated from the main stream of Satyam. The company was hopeful of meeting the June 30 deadline for restatement of accounts.
Mahindra Group Managing Director Anand Mahindra said the mission-oriented professionals of the company were its secret weapon and that he had never regretted over the decision to take over Satyam Computers.
Mahindra Satyam Chief Executive C. P. Gurnani said the company would take another two years to level out on some of the scorecards to come near the operating matrix that it had to operate under.
