01-08-2009, 01:49 AM
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>Investor confidence shaken</b>
Navin Upadhyay | New Delhi
pioneer.com
A study by well-known international brokerage firm CLSA on the state of corporate <b>governance in 20 countries across Asia showed that India stood among the top three in terms of regulation. In one stroke, the Satyam scandal threatened to erode the credibility of the country's corporate governance, </b>and that too, at a critical juncture when India was desperately hoping for the return of global investors.
When the murky Satyam saga first erupted last month following uproar over the company's attempt to buy out the family-floated Maytas Infrastructure, it invited worldwide uproar and Satyam share crashed both at New York Stock Exchange and domestic bourses. But over the weeks, hopes that some major investor would acquire controlling stakes in Satyam and revive its fortune, brought interests back in the company. Its share opened at Rs 184 on Wednesday after touching the low of Rs 120 in the third week of December. But as the scam unfolded, it closed at Rs 39.95<!--QuoteEnd--><!--QuoteEEnd-->
Navin Upadhyay | New Delhi
pioneer.com
A study by well-known international brokerage firm CLSA on the state of corporate <b>governance in 20 countries across Asia showed that India stood among the top three in terms of regulation. In one stroke, the Satyam scandal threatened to erode the credibility of the country's corporate governance, </b>and that too, at a critical juncture when India was desperately hoping for the return of global investors.
When the murky Satyam saga first erupted last month following uproar over the company's attempt to buy out the family-floated Maytas Infrastructure, it invited worldwide uproar and Satyam share crashed both at New York Stock Exchange and domestic bourses. But over the weeks, hopes that some major investor would acquire controlling stakes in Satyam and revive its fortune, brought interests back in the company. Its share opened at Rs 184 on Wednesday after touching the low of Rs 120 in the third week of December. But as the scam unfolded, it closed at Rs 39.95<!--QuoteEnd--><!--QuoteEEnd-->