Multiple agencies to spoil Satyam case: BSE chief

Written by Markets Bureau | Kolkata | Updated: Jan 23 2009, 05:45am hrs
Multiple agencies simultaneously probing the Satyam scam might not be the best way to bring out the truth expeditiously, according to BSE chairman Jagdish Capoor. With so many agencies involved, they would, I believe, not be able to avoid stepping on each others toes, said Capoor.

Government agencies investigating the scam include the ministry of corporate affairs, the Registrar of Companies, Serious Frauds Office and the Securities & Exchange Board of India.

Capoor said, There is a need to revisit regulations, so as to make company directors more responsible, and auditors accountable. I am sure changes to rules that govern corporate behavior will be made to ensure fraud of this nature is not repeated.

Although Capoor feels that there is no case for the corporate bigwigs to be too apologetic about the Satyam episode, the fact that cooking of account books over such a long period went undetected is a cause of worry.

The sanctity of auditing process, role of independent directors and inadequacy of regulations are issues that need to be revisited in the light of these shocking revelations, he said.