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Home--News
Satyam to be Stripped of Golden Peacock Award
Financial Express
January 7, 2009
New Delhi: Satyam Computer Services, in the eye of a storm for financial
wrong doings, will be stripped off the Golden Peacock Award -- the
very laurel it used for trumpeting its corporate governance norms
when the controversy broke out.
"In wake of unfolding events which is most unfortunate, we have decided
to take away the award from Satyam Computers. For this purpose the
Council of Institute of Directors (IOD) will meet within a day or
two," IOD Director (Indian Secretariat) Manoj Raut said.
He said that IOD's council meeting would be attended by Chairman of
the Indian Jury Justice P N Bhagwati, former Chief Justice of India.
It may be recalled that on December 30 last year, Satyam Chairman
Ramalinga Raju had cited the award to highlight the company's strong
corporate governance structure to justify the board's decision to
bid for Maytas.
Satyam Computers was awarded the Golden Peacock Global Award for Excellence
in Corporate Governance 2008 by IOD, and the firm was also the winner
of the Golden Peacock Award for Excellence in Corporate in 2002.
Raju had insisted that all required processes and procedures were
followed for making the 1.6-billion-dollar bid 'while there was a
spirited discussion among members, their vote to approve the motion
was unanimous'.
Another institution, Ernst & Young, which had awarded Raju with the
Entrepreneur of the Year Award in 2007, however, was tight-lipped.
"The award is given by an independent jury and we are not in a position
to comment," a spokesperson of the consulting firm said.
The Satyam Chairman on Wednesday admitted manipulating the company's
balance sheet.
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