Dear Guys and Girls,
Hope u have heard about the Satyam Scandal..
The 7000-cr fraud by Raju and company has left thousands of employees and investors in tizzy.
Satyam chief Ramalinga Raju's resignation and admission of financial bungling seems to be just the tip of the iceberg and a bigger hole is fearfully awaited. More financial execs and officers might have the knowledge if has no direct hand in the wrong-doings.
And by the way, why is SEBI and ministry crying foul so late? What is SEBI for if it can't monitor business entities? Worries of thousands of employees and investors who have been left in crisis needs to redressed immediately.
Satyam chief Ramalinga Raju's resignation and admission of financial bungling seems to be just the tip of the iceberg and a bigger hole is fearfully awaited. More financial execs and officers might have the knowledge if has no direct hand in the wrong-doings.
And by the way, why is SEBI and ministry crying foul so late? What is SEBI for if it can't monitor business entities? Worries of thousands of employees and investors who have been left in crisis needs to redressed immediately.
But some say that,
Satyam was not putting money from one envelope to another in order to make money. Satyam has created real wealth and has been a genuine performer in the international market. There were real sweat and hard work by its leadership. Company's performance can still be maintained and may be even surpassed by correcting the aberrations which led to the financial anomaly. To create such a strong edifice in just 20 years is certainly heroic and deserves to be seen as meritorious performance. The original board had many members of unimpeachable repute and their contributions can not be undermined. With this perspective serving as a backdrop, a better appreciation of the fraud perpetrated in the company can be obtained. The flawed management paradigm at work does need a course correction; and to merely view it as a criminal act will not doing justice to the individuals or to the emerging institutions in the Corporate India. If the government criminalises the episode and behaves like a vulture preying upon the carcass or harangues like a "shradha brahmin" when corpse is in wait; it will not serve the Indian interests. We need complex, sophisticated and superior perceptions to sift the events and obtain true perceptions. This satya is owed to Satyam.
But, whatever be the case, what PWC did is ultimately wrong.. The Satyam Scam not only exposed the IT industry to questions, but also spoilt the belief upon the Auditors.. PWC, the leading Chartered Accountant firm is caught red handed.. This is a shame to all of us.. Hope the Indian Courts, give proper verdict to the accused..
If it is felt that there is real wealth with satyam then what PWC would have attested would have been the right balances and a true and fair view of the company.. We wil know shortly as to what the clear pic is..
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