Company secretaries not involved in Satyam fiasco: ICSI

Institute of Company Secretaries of India today claimed that professionals under its umbrella were in no way involved in the Satyam Computer scam, which unnerved corporate India.

"Company secretaries are in no way involved in the Satyam case, but if anything incriminating against any of the company secretaries is found in the ongoing investigations, the ICSI will not hesitate to take the strictest action," ICSI Secretary N K Jain told a press conference here.

Jain said that based on the study, so far there was no finding that company secretaries, who play a major role in the board of governance of a company for ensuring transparency, were involved in the Satyam episode.

"The company secretaries were found to have complied with the rules and regulations," Jain said when asked to comment on their roles on stripping of assets of the company.

Stating that the Satyam episode had brought to the surface the role of professionals in the board of governance, he said that these professionals were there for advising on good governance.

To achieve transparency, the ICSI Secretary said the Institute had been stressing on directors' orientation programme. "Various companies should undertake this programme and there should be self-evaluation of the Board," he said.