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System strong enough to prevent Satyam-like frauds: PM

April 13, 2009 15:26 IST
Prime Minister Manmohan Singh on Monday 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-like fraud will further take place," he said, while addressing a conference in Mumbai.

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The government superseded the board of Satyam following the admission of the multi-crore rupee accounting fraud by the founder of the IT company B Ramalinga Raju.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

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