'Quick justice can restore confidence in Satyam'

TIME TO ACT: Satyam's new board members (L-R) C Achuthan, Deepak Parekh and Kiran Karnik.

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New Delhi: The accounting scandal in Satyam Computers has tarnished the images of India Inc and now the government has stepped in to save the IT giant.

Satyam's ex-chairman Ramalinga Raju, former managing director B Rama Raju and Chief Financial Officer Vadlamani Srinivas have been arrested while the company's auditor Pricewaterhouse Coopers has been removed.

Satyam's three-member board constituted by the Union Government met for the first time in Hyderabad on Monday to discuss ways to get the IT company back on track.

The board includes eminent banker Deepak Parekh, IT expert Kiran Karnik and former SEBI member C Achuthan.

With Satyam scandal erupting when the country is facing an economic slowdown, the future of the company, it employees and investors are not very bright unless corrective actions are taken immediately.

Secretary General, FICCI, Amit Mitra, and Senior Advocate of the Supreme Court Ramji Srinivasan, joined CNN-IBN's India @ 9 to discuss the future course of action in Satyam saga.

CNN-IBN: What does the Satyam fiasco and Wipro ban mean for Corporate India?

Amit Mitra: There is no question that Corporate India is today a matter of debate and discussion. But we must remember that among the IT companies of the world we have four of the large companies. The total amount of human capital that these companies have, practically no one has. So what the common person both in India and abroad is looking at is quick justice. How quickly can we get our acts with regards to Satyam? The has been appointed, the new financial auditors would be appointed in a day or two. But the key is the speed with which we act in punishing the perpetrators of this. That's what everybody is watching. The people want retribution.

CNN-IBN: SEBI has not yet got access to Raju. Is Raju getting enough time to manoeuvre?

Ramji Srinivasan: Whenever there is a criminal action that is initiated, first things first the police asks for police custody to interrogate and find out various threads to put together in terms of facts. This is not merely a case of acting on a five-page confession. I wonder if that is a confession note or not. It appears that the police are also gearing up and asking for police custody while he is still in judicial custody. Judicial custody obviously means that investigations are a bit retarded in terms of access to the accused. So from that point of view sooner the police are able to access the gentleman concerned and asks him relevant questions and get the relevant material, the investigation will go faster.