01-08-2009, 12:14 AM
<b>Accounting scandal at Satyam could be India's Enron</b><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->"I think there is no future for this stock. This case for India is similar to what happened to Enron in the U.S.," said Jigar Shah, senior vice-president at Kim Eng Securities.
"It will not stop at Satyam. Many more companies will come into scrutiny like that. There is a strong possibility investments in India will be affected."
The scandal set off a wave of condemnation from Indian market regulators and government officials, and prompted banker Merrill Lynch to terminate its engagement with Satyam.
"It's going to impact the Indian outsourcing industry. Customers are going to be concerned about offshoring firms in India," said Sudin Apte, country head of Forrester in the western city of Pune
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This will have long term impact.
I have serious doubt about Infosys and Wipro account books.
Mastech now called as iGate had same problem.
"It will not stop at Satyam. Many more companies will come into scrutiny like that. There is a strong possibility investments in India will be affected."
The scandal set off a wave of condemnation from Indian market regulators and government officials, and prompted banker Merrill Lynch to terminate its engagement with Satyam.
"It's going to impact the Indian outsourcing industry. Customers are going to be concerned about offshoring firms in India," said Sudin Apte, country head of Forrester in the western city of Pune
<!--QuoteEnd--><!--QuoteEEnd-->
This will have long term impact.
I have serious doubt about Infosys and Wipro account books.
Mastech now called as iGate had same problem.