Time for hard look at corporate governance: India Inc

Shocked over how the financial manipulation went on in Satyam Computer Services for so long, industry today said it was time corporate India stopped giving itself "self-congratulatory" awards and gave a hard look on deeper issues relating to corporate governance.

There are far too many "self-congratulatory awards being given out in terms of corporate governance and disclosures," FICCI President Rajeev Chandrasekhar said.

He said the government, regulators and the bankers should examine "what allowed" the Satyam management to continue with "what went wrong" for so long.

"What happened following Enron in the US is bound to happen here. There is going to be definitely a need for a deeper and harder look at the corporate governance," Chandrasekhar said.

He said, "at the end of the day, hundreds of thousands of investors" have paid a price for the wrong-doings, which need to be thoroughly investigated by the authorities and regulators.