India has been able to control all that. India has put the culprit behind bars. The company is now making money.'

Referring to the role of independent directors in the light of the Satyam scam, Mehra said there was no need for them. 'We need directors with independent minds. We need independent boards. The independent directors are not bothered about anything as long as they get salaries. That is why it (Satyam fraud) happened.'

Elaborating, he said: 'There are people who are directors of 15 companies. How can you be an independent director of 15 companies? People have not been able to understand the role of corporate governance.'

Mehra also called for appointing younger people as directors and ensuring diversity in the board rooms. 'You look at the drivers of the companies all over the world. Who are the drivers? The young men, women and people from different backgrounds. We want diversity in board rooms.'

According to him, compared to the western world, India was still doing well. 'In the US and UK, corporate greed is masquerading as corporate governance. What has been found during last two years is that the whole financial services market was interested in creating money for its own people.'

(Mohammed Shafeeq can be contacted at m.shafeeq@ians.in)