The Confederation of Indian Industry on Wednesday expressed its shock and disappointment at the disclosures made by B Ramalinga Raju [ Images ] [ Images ] on the financial position and financial statements of Satyam Computer Services [ Get Quote ].

CII believes there is a need to immediately examine the loopholes in regulation, accounting, audit and governance that allowed such lapses to occur and address them with urgency.

While the occurrence of such events in a major company is a matter of deep regret, CII believes it would be inappropriate for this to be the basis of questioning of general governance standards in other companies.

Corporate India [ Images ] must, however, reflect on ways to demonstrate its quality of governance and enhance the confidence of stakeholders.

• The Satyam fiasco: Complete Coverage