Mumbai: The Prime Minister, Manmohan Singh, on Monday said that he was glad at the successful outcome of the auction to sell controlling stake in Satyam Computer Services and hoped scams like these would not recur.
Highlights of Tech Mahindra's winning bid
Reacting to Tech Mahindra winning the bid for a controlling stake in the scam-hit firm, the prime minister, who is here for election campaigning, told reporters that the government and the regulators were quick in their response when the financial fraud came to light.
'Larsen to hold on to Satyam stake'
"I am confident that our regulatory system has the resilience and strength to ensure that no such Satyams ever take place," he said, expressing satisfaction at the manner in which the whole episode was handled over the past three months.
Tech Mahindra wins bid for Satyam
The Rs 7800 crore ($1.5 billion) scam at Satyam surfaced in January when its founder and former chairman B. Ramalinga Raju admitted to inflating the accounts and assets of the company over several years.
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The prime minister had called the fraud a "blot" on India's corporate governance and said those responsible will be brought to book at the earliest.
