Todays Economic Times has carried the following story
http://economictime
Srinivasan
Satyam stripped off Golden Peacock Global Award
NEW DELHI: The Institute of Directors, that had conferred the Golden Peacock Global Award for Excellence in Corporate Governance 2008 upon IT, has stripped off the company of the laurel in view of the "falsification of the books of accounts by Satyam".
"An emergency meeting of Golden Peacock Awards Jury was held today in view of the startling admission made by the Chairman of Satyam... the Jury has decided to withdraw the award with immediate effect," Chairman of the Award Jury Justice P N Bhagwati said in his letter to the beleaguered company.
"The Golden Peacock Awards jury has felt that the Award was obtained as a result of non disclosure of material facts. Satyam therefore did not deserve the award," Bhagwati, who is former Chief Justice of India, said in the letter addressed to the Satyam Company Secretary and Head of Corporate Governance G Jayaraman.
Interestingly, Satyam Chairman B Ramalinga Raju had cited the award to highlight the company's strong corporate governance structure to justify the boards decision to bid for Maytas, a deal that had fell through.
The IT firm was also the winner of the Golden Peacock Award for Excellence in Corporate in 2002.
Raju had insisted that all required processes and procedures were followed for making the 1.6-billion-
Another institution, Ernst & Young, which had awarded Raju with the Entrepreneur of the Year Award in 2007, however, was tight lipped.
"The award is given by an independent jury and we are not in a position to comment," a spokesperson of the consulting firm said.
The Satyam chairman today admitted to a financial fraud to the tune of Rs 8000 crore.
dear friends
Another funny incident!
Satyam was given 'Golden Peacock Global Award for Excellence in Corporate Governance 2008' by the Institute of Directors (IOD), New Delhi. This was announced in Sep 2008.
Please see the link
http://www.goldenpe
IOD has announced as follows :
" The Institute of Directors (IOD) has received an overwhelming response and in all 353 applications had been received. Out of which 126 were short-listed after critical scrutiny for final selection through 3 tier assessment process for the Golden Peacock National Training Awards & Golden Peacock Innovation Awards - 2008 "
Srinivasan
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