Task

ItΓÇÖs true that the high profile board of directors and senior officers of the firm should also have smelled a rat. But in a large public corporation, where reputable auditors were certifying the financial statements, their laxness in monitoring might have been understandable. After all, SatyamΓÇÖs performance (unlike MadoffΓÇÖs) was not obviously ΓÇ£too good to be trueΓÇ¥ as measured by the benchmark of industry leaders. There is a lot of blame going around on poor corporate governance in India. In fact, though corporate governance in India is not great, the level of board inattention we saw here was not very different from most companies in the US.