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New Delhi, Jan. 7 The National Association of Software and Services Companies has termed Satyam incident as a ‘stand-alone’ case of failure of corporate governance, and expressed hope that it would not be viewed as a reflection on the IT industry or corporate India.

The Nasscom President, Mr Som Mittal, on Wednesday ruled out disqualifying Satyam from its membership list. “How can we penalise 55,000 employees, customers and other stakeholders?” he quipped when asked if the association was considering striking the beleaguered company off its membership list.

“We have seen similar issues in the West…it should not result in stigma for the entire IT industry,” Mr Mittal said.

Expressing shock at the disclosures made by Mr Ramalinga Raju, Nasscom said that while the law will take its course, the incident is particularly “unfortunate” as the Indian IT-BPO industry had set high standards of ethics and corporate governance. Interestingly, Mr Raju is also the past-Chairman of Nasscom; he was elected to position in April 2006.

Nasscom further said it would work with the Satyam Task Force to reach out to their customers and employees and guide them through the transition.

More Stories on : Software | Corporate Governance | Satyam Computer Services Ltd | Industry Associations

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