NEW DELHI: The hit India's IT sector's trust quotient has suffered in the wake of Satyam's very public fall from grace may impact India's ability to attract new economy 
Investors and clients, prompting Prime Minister Manmohan Singh to stress on speedy and thorough investigations into the scam.
Even eight days after its founder Ramalinga Raju owned up to the fiddle, the Satyam mess is high on the PM's to-do list due to its worrisome fallout for the sunrise sector of India's economy. While ensuring Satyam does not sink, the PM has focused on what is felt as the core issue of investor confidence.
The stock-taking in government, which has involved senior ministers, industry, SEBI and National Stock Exchange chiefs and banks, has underlined risks to not just Satyam's survival as a viable business organisation, but the likely erosion of the vital "trust factor" in India's IT and software sector which has earned billions of dollars in foreign exchange.
Sources said government's intentions to pursue investigations into the scam vigorously were driven as much by a need to beam out a strong message that India would not tolerate corporate malfeasance as a desire to bring guilty to book. "Action will be taken by various agencies, those responsible will not be let off the hook," they said. This would cover all aspects of the fraud including the role of the board and top company officials.
The next steps the government takes may well have to wait a few days before the firm's accounts, described as completely opaque, unravel a bit. It is expected that even as auditors and investigators work hard, the government may not have an idea of Satyam's "receivables and liabilities" before the weekend. That would then provide some answers of how soon, and how, the hurt IT major could stand on its own feet again.
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Amit
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