In explaining the more than $1 billion in phony revenue and profits he reported for years, former Satyam chairman B. Ramalinga Raju compared the fraud to "riding a tiger, not knowing how to get off without being eaten." U.S. customers of Satyam and other IT outsourcers are wondering if they could get bitten, too.They have lots of questions. What has Satyam and the Indian government done to ensure that the company can continue operations? Are U.S and other customers coming to Indian IT services companies seeking changes to their contracts in light of the Satyam affair? What are the first red flags an outsourcing customer should look for that its provider is struggling? Will we see significant industry consolidation amid the Satyam fallout? Will the Indian IT industry continue moving up the value chain with higher-end services? Is there the need in India for stricter corporate governance laws?

InformationWeek's editorial Webcast, which will go live online on Thursday, Jan. 22, at 11 a.m. Eastern time (8 a.m. Pacific, 9:30 p.m. Indian), is titled, "Offshore In India: What's Next?" Among the participants will be four captains of India's IT and business process outsourcing industry: Kiran Karnik, new Satyam board member and former president of the Nasscom trade group; Som Mittal, current president of Nasscom; Kris Gopalakrishnan, co-founder and CEO of Infosys Technologies; and Pradeep Kar, founder and chairman of Microland. Also participating will be M.S. Krishnan, professor of business information technology at the University of Michigan's Ross School of Business.

I'll be leading this hour-long discussion on the pressing company, product, industry, and governance issues tied to the Satyam turmoil. There will be ample opportunity on the Webcast for audience questions, so please join us on Jan. 22. Click here to register.