Satyam's fraud bigger than thought, what does this mean?

News that the accounting fraud at Satyam could be much bigger than thought could put the spotlight back on corporate governance in India.

The CBI in India is saying the fraud, originally thought to be worth $1.5bn could actually be worth £2.6bn.

I was talking to Mark Lewis, a  lawyer specialising in outsourcing at Berwin Leighton Paisner, this morning and he says if the fraud is much bigger than thought it could raise “further questions about corporate governance in India.”

So is Satyam out of the woods? Is corporate India out of the woods?

Indian companies don’t seem to being badly out of it.

HCL won a nice deal with Equitable Life worth £200m only this week.