Satyam Fraud Must be Taught to Professional Students to Prevent Further Frauds

“Corporate Governance should be a part of not only business school syllabi in India but also in all professional courses. If we do not teach Corporate Governance after the Satyam scandal to our youth then many Ramnews97aliga Rajus would be produced by our faulty controlling system which failed to check Satyam saga. Everyone wants to become a millionaire in the shortest possible time. Indian Government should strengthen our regulatory and auditing system otherwise, investors would loose trust and confidence in Indian companies.”

This was said by Prof. B. B. Tandon, Senior Advisor, IBS, Chandigarh & former Chairman, University Business School, Panjab University, Chandigarh. He was speaking as a key note speaker at a seminar: “Satyam’s Saga: Rising Need of Corporate Governance” organized by Aryans Business School (ABS) at the college campus today. Anil Kohli, President, Chandigarh Management Association (CMA) was the chief guest of the function. While Anshu Kataria, Chairman, ABS presided over the function, Prof. K. K. Mangla, Director, Aryans Group spoke on the topic.

Kohli said that India’s government, its corporate sector, and its people are stunned after Raju admitted to years of falsified profits and an audacious financial fraud worth 1.5 billion US dollars. This is all a consequence of the voracious human nature which is always hungry for wealth and wants to acquire the zenith of the organization in a meteoric way.

Prof. Mangla said that after the latest Satyam scam and the global financial meltdown, one common reason that comes into the picture is the thrust of man to achieve bigger heights and greater targets in the shortest possible time. After reaching a threshold, we are bound to face the scandals as this one, he added. He asked the students not to dream about the spectacular rise in professional life at once, but to work hard to achieve the same.

Anshu Kataria said that the Satyam scandal had brought not only the management under the scanner, faced with angry investors and prosecutors, but also its accounting firm PricewaterhouseCoopers (PwC) and the Ministry of Corporate Affairs. This seminar was specially organized for the management students as they will be ushering in the corporate world in the a few months
from now. The subject of corporate governance should be inculcated in the course curriculum of all B- schools, he added.

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