Regulatory structure strong to prevent Satyam-like fraud: PM

Prime Minister Manmohan Singh today said the country's regulatory structure is strong enough to prevent a Satyam-like fraud in future.

"This (Satyam fraud) was confined to only one... I am confidant that our regulatory system has the resilience and the strength to ensure that no such Satyam will further take place," he said, while addressing a conference here.

Declining to comment on the sale of Satyam Computer Services, Singh said: "I am not familiar with it. There is a board which takes these decisions. They must have done their best. I think the whole world appreciates India."

The government superseded the board of Satyam following the admission of the multi-crore rupee accounting fraud by the founder of the IT company B Ramalinga Raju.

 

The government-nominated Satyam board today declared Tech Mahindra, a software company promoted by industrial house Mahindra and Mahindra, as the highest bidder to take over a 31 per cent stake in Satyam.

The final decision for sale of the crisis-ridden company will be taken by the Company Law Board (CLB)