1. Rakesh Jhunjhunwala has come out openly in favor of the independent directors as he stated that most of the companies are managed by promoters and thus if promoters make a mistake it is no point blaming the independent directors and his outburst has come in wake of the Satyam-Maytas deal. He is of the firm opinion that If all the credit went to promoters for good things all these years, thus the discredit should also go to them and thus no point blaming the directors.
2. Rakesh Jhunjhunwala further stated that had Satyam taken the issue before the share holders and than undertaken the deal; he feels in that scenario the whole issue would have had been seen differently.
3. He is of the firm opinion that maximum Indian companies have good corporate governance and in same breath added that global companies which had well-trained managers as independent directors have had worst issues.
2 Jan 2009
Rakesh Jhunjhunwala Shares his mind in Satyam Computer Case: Corporate Governance
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