Raju's costly ride
The Satyam scandal may have taken everyone by surprise, though it wasn’t entirely unforeseen (BT cover, February 8). With the unseemly details of the scam continuing to unfold, it has already become the biggest scandal in India’s corporate history. While it is hard to predict how the scandal will impact the Indian IT industry in times to come, it has already planted grave doubts in the minds of potential investors and could adversely affect the fortunes of the Indian outsourcing industry.
—Vinod Dixit, through e-mail
Preventing Satyam-like Debacles
Thanks to Ramalinga Raju, the scandal at Satyam has not only destroyed the reputation and fortunes of the IT company (BT cover, February 8) but also sullied the image of the Indian IT industry, which enjoyed an iconic status so far in the eyes of global investors. What’s even more worrying is the possibility of other Satyam-like skeletons tumbling out of India Inc.’s closet. It is, therefore, extremely important that we put in place corporate governance watchdogs together with strong deterrents to guard against corporate frauds and related slipups. These can be done by redefining the power and role of regulatory agencies like SEBI, overhauling the Companies Act and taking steps to make independent directors serving on company boards more accountable. It’s only in the fitness of things that these measures are adopted fast so as to refurbish India Inc.’s broken image.
—B. Rajasekaran, through e-mail
Caring for the IIMs
Rama Bijapurkar’s views on IIM review panel report (What IIM Review Panel Should Have Said, BT, January 25) provoke more thoughts on how these elite institutes should be nurtured, so that the crop of students coming out of them can serve India Inc. better. In the process, they can ensure India attains its cherished goals of faster and inclusive growth. It is also true that IIMs are better suited to take on the China challenge. For all this to happen, we need more management teachers, with better pay scales. Also, more IIMs are required to meet the growing needs of students. Otherwise, many are forced to flock to US, Singapore, Dubai campuses. And the only thing that the government needs to do is to stop interfering in IIM affairs.
—D.Bhaskar, through e-mail
Task Cut Out
Chanda Kochhar’s ascent to the top of ICICI Bank (In the Hot Seat, BT, January 11) is another instance of the glass ceiling getting broken. While that in itself is a positive development, let us not forget that she is stepping into the very big shoes of K.V. Kamath. He was the man responsible for transforming ICICI Bank into the financial power house that it is today. Kamath is also responsible for redefining Indian banking and making it more vibrant. He introduced and helped popularise the ATM culture. Given the current strained finances of banks in India and elsewhere, Kochhar will have her work cut out. She will do well to maintain the momentum that ICICI Bank has forged for itself.
—Srinivasan Umashankar, through e-mail
How the Best Will Stand Up
I love reading Business Today for its incisive portrayal of the key corporate issues of the day. Your issue on the Best Companies to Work For (BT, January 25) was both informative and insightful. While the profiles and the accompanying wealth of information on the featured companies made for a good read, it also helped readers make their own assessment of the companies. But the exercise still left many questions unanswered, such as what is it that makes these companies the most preferred employers they are, how are they going to cope with the ongoing financial crisis, to what extent will these companies be affected by the downturn and what impact will the slowdown have on their hiring and business development plans? What are the chances of these companies posting high growth and earnings even in times of slowdown? I hope your upcoming editions will provide the answers to these questions.
—Vinay Gupta, by snail mail
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