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Sebi to probe if Satyam, ISB violated corp governance norms
The relations between beleaguered tech giant Satyam Computer Services and the Hyderabad-based Indian School of Business (ISB) have come under the scanner. Market regulator Securities and Exchange Board of India (Sebi) will examine if it violates corporate governance norms “in spirit”.
The relations between beleaguered tech giant Satyam Computer Services and the Hyderabad-based IndianSchool of Business (ISB) have come under the scanner. Market regulator Securities and Exchange Board of India (Sebi) will examine if it violates corporate governance norms "in spirit". Vivek Law reports
Here is a transcript of Vivek Law's comments on CNBC-TV18. Also watch the accompanying video.
Sebi has been examining the various donations and fundings that Satyam has made to the business school over time. Satyam Chairman B Ramalinga Raju is on the ISB's executive board while the ISB's dean Rammohan Rao was an independent director on the board of Satyam, until he resigned after the Satyam-Maytas fiasco. In fact, Rao also chaired the infamous Maytas meeting.
While there is no material evidence whatsoever as of now, the market regulator may probe if there was any material gain or any kind of core dependence on each other between the company and the school and whether there was, of any kind, violation of corporate governance norms, "in spirit".
