Nasscom expresses shock at Raju disclosures

Nasscom, the apex body of the IT and BPO industry in the country, today expressed its shock at the disclosures made by Ramalinga Raju.

While the law will take its course, this incident is particularly unfortunate as the Indian IT-BPO industry had set very high standards of ethics and corporate governance. This is a stand-alone case of failure of corporate governance and it is critical that it be viewed in this light, it said in a press release.

"We are sure that all the stakeholders would also treat this as an isolated issue. This is not in any manner a reflection on the industry or corporate India. We will ensure that customers and other stakeholders get the right perspective. We will also work with the Satyam task force to reach out to their customers and employees and guide them through the transition," the release said, adding that Nasscom advocates the highest standards of ethics for the industry and it will work with its membership to re-commit to maintaining the highest standards of governance and transparency.