CII establishes corporate governance task force

15 January 2009

The Confederation of Indian Industry (CII) has announced the setting up of a new task force that will be mandated to focus on corporate governance in the country.

According to the Press Trust of India, the recent Satyam Computers fraud case helped influence the creation of the new group, which will seek to learn from the scandal and make recommendations help prevent such a crime from happening again in the future.

On January 7th 2009, Dr Ramalinga Raju, the founder of Satyam, resigned from the company's board after admitting to corporate fraud.

The fraud is estimated to be worth approximately 7,000 crore rupees - well over $1 billion - and Dr Raju could face up to ten years in prison for misleading investors.

"The issue of corporate governance was discussed in great detail in the context of the events at Satyam," stated the CII on announcing the new task force.

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