Infosys rules out satyam buyout
New Delhi January 8:
The country's second largest software exporter, Infosys, ruled out the possibility of buying Satyam saying the IT major"will not touch any tainted company".
"We have no such interest in looking at buying Satyam... absolutely not... We will not touch any such tainted company thats very very clear," Infosys Founder and Chief Mentor Narayan Murthy said in an interview to a private television channel. He said that the Satyam incident will not have an backlash on the Indian IT sector.
"Every company, certainly large companies, theyhave very close relationship with customers. The CEOs and senior management of the Indian industry have a close relationship with the senior management of the customer companies... "We have a lot of transactions where we have demonstrated class, quality and integrity, so I don't think all of that will be destroyed just because of one bad apple, because there is one Satyam," the non-executive chairman of the company added.
Talking about the course of action following the Satyam fiasco, Murthy said the need of this hour for the regulators is toact decisively. "The most important first step for regulatory authority of India is to get the bottom of this and take a swift and decisive action tobring the guilty to whatever punishment they deserve," he said.
Murthy said that the IT industry has to communicate to their investors and customers and allpotential investors that Satyam is indeed an isolated case of misgovernance and must all be prepared to answer further questions so that the investors get an enhanced level of comfort.