The Confederation of Indian Industry (CII) has launched a corporate governance task force to report on the implications of the fraud at computer company Satyam.

In a brief statement the business lobby group said the initiative would be chaired by Naresh Chandra, India’s former Ambassador to the United States. The task force will review the events at Satyam and make recommendations for corporate governance reform.

Separately, the Institute of Chartered Accountants in India has launched its own inquiry into the scandal. A seven-person committee led by the body’s vice president, Uttam Agarwal, will report on “the roots of the problem, effectiveness of the system in place, [and] systemic issues.” It will also look at the behavior of the individuals "involved or associated" with Satyam.

The committee will report back to the ICAI by February 11.