JOIN USBefore it was hit by country’s largest ever corporate fraud, Satyam had been a regular on the list of competitors mentioned by Infosys in its annual report filings with US market regulator Securities & Exchange Commission.
However, Satyam’s name is conspicuously absent on Infosys’ latest annual report filing for financial year ended March 31, 2009.
Both Infosys and Satyam are listed in the US — Infosys on Nasdaq and Satyam on New York Stock Exchange (NYSE).
In its annual report filings, Infosys had been saying that it operates in “a highly competitive and rapidly changing market”, while listing out among its rivals names of Indian IT service providers such as TCS, Wipro, Satyam, HCL Technologies; business process outsourcing (BPO) firms like Genpact and WNS; and global players like IBM, HP, Cap Gemini, Oracle and SAP. Infosys, however, has not clarified the grounds for Satyam's omission from the list of its competitors.
ICAI report in June
The high-level committee set up to look at the multi-crore rupee fraud at Satyam Computer by the Institute of Chartered Accountants of India is close to coming out with its recommendatations by June.
“The high-level committee set up to look into matters arising out of Satyam fraud is carrying out deliberations and is likely to submit its report in June at the next council meeting of the institute,” ICAI President U P Agarwal told PTI.
Agarwal, chairing the six-member committee, will look into financial reporting, accounting and auditing aspects with regard to the Satyam fiasco, review the shortcomings and recommend plugging loopholes against such frauds.