Satyam case only an 'aberration', says ASSOCHAM

Asserting that the industry has full faith in judiciary, the ASSOCHAM has termed the Satyam case as only an 'aberration'. "The industry has full faith in judiciary and the Satyam case is only an abbreviation because most of India Incorporations respects the corporate governance," said ASSOCHAM.

"Though the Satyam-like situation may occur anywhere in the world, the way the company was review authenticates that the Indian system is quite strong to face such challenges," added the chamber.

The ASSOCHAM's reaction came after a CBI special court in Hyderabad sentenced all ten convicts including Satyam chief B Ramalinga Raju to seven years rigorous imprisonment in the multi-crore rupees Satyam accounting fraud case. Special Judge Chakravarthi pronounced his judgement holding Ramalinga Raju and nine others guilty of cheating, forgery and criminal breach of trust.

The Satyam scandal broke out in 2009, when founder-chairman of Satyam Computers Ramalinga Raju confessed that the company's accounts were tampered with. Raju disclosed a Rs.7,000 crore accounting fraud in the balance sheets.