Satyam,whats the truth?

January 7, 2009 § 23 Comments

Wow! corruption,anyone? And look what happens,Satyam,boss Ramaliga Raju,resigns and cooly informing the world 


‘No board member had any knowledge of the real situation. Accrued interest of Rs 376 crore in books is non-existent. About Rs 1,230 crore was arranged to Satyam, but was not reflected in the books,” Source-IBN-live.

Time to celebrate people,especially if you had invested in Satyam,you just lost some money and if you are rich enough it means,you can cheat others now. 

See here for the entire letter(thanks Chirag).Reading the letter,one should also feel sad for the guy.After all he did start the company and in a bid to keep it,he had done this.I  not am sure how true,is it that he didn’t gain anything out of it.But end of the day,he has been caught and the markets go bear again.And the fact that cases in India would take forever.

Taking the fact that the I.T. industry is already in trouble and also that the world is facing met downs,this is not going to help anyone.A lot of people might again loose their jobs. 

Of course the auditors too would be answerable.How can someone,miss such large amounts? This might mean new laws,but maybe this would get them out?And the whole story doesn’t seem to be out yet,who else could be in it? Surely,a single person alone can’t engineer such a huge fraud?

And virtue seems to have a lot of value.maybe,we will be able to buy it also,sooner than later.Say Mr.X is a good person,so just pay him and his goodness will rub on to you.Who cares anyway? All these scandals reflect,is the “innate goodness” of human beings.Can’t people be truthful to themselves? And no,I am not claiming money is evil ,bad etc,Shouldn’t a person get only what he really is worth? And as far as I am aware,they still teach you not to lie in kindergarten.,so when did it all start anyway? maybe we should just each kids to lie.

Teacher:- Have you completed your work?


Teacher:-Show your book.

Ha good you haven’t done it.Now that is my boy.Keep it up,here are five stars for you.

Or am I speculating too much?

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§ 23 Responses to Satyam,whats the truth?

  • Harry says:

    A bad day for IT in India!

  • Reema says:

    Its Satyam not Sathyam..I have noticed South Indians add an extra h with t. why?

    God knows what will happen to Sensex now!

  • Sounds like the kind of statement put out by CEOs in the US all the time…

    The US is massively corrupt because of the link between holders of higher office and big business. It didn’t used to be this way. Basically starting with Ronald Reagan in the early eighties, our government started shedding its responsibilities for oversight and regulation of business.

    I”m glad Obama was elected but even if he’s as good as he seems, there are going to be major constraints on what he can accomplish.

  • Nita says:

    Satyam they say is India’s Enron. I wonder how many more Enrons exist in India!

  • leafless says:

    As long as there are greedy people in the world, acts of greed will persist. At least the bad global economy will expose long-hidden corruption (e.g. Madoff, Satyam, ect).

  • Aha! Corporate fraud and corruption! And one was told by the corporatised media (I don’t blame them, at least we have some variety now, as opposed to the single dirty,disgusting channel called DD earlier) that corruption exists only in dingy government offices and not in air-conditioned corporate ones. What a bunch of jokers! 😆

    By the way, I wonder when the “bailouts” are going to begin here.

    @Reema: I’ve noticed that North (& East and West) Indians don’t write the ‘h’ after ‘t’ for words that are pronounced as ‘th’. Why? (I know that the name of this company is Satyam and not Sathyam, even if it is based in Hyderabad.) I mean t is just ‘t’ as in pat and not ‘th’ as in path.

  • vimal says:

    Whats the truth???? The truth is that our country is going nowhere !!

  • Aneesh says:

    This could have been hushed up if they were allowed to take over Maytas.
    Anyway, it is a big blow to Indian IT field

  • Tony says:

    Satyam is in no man’s land now.. But it is existent.. it wudnt vanish.. The empire will strike back but with a different name… an acquisition is the only way…

    And Reema honey there are hell a lot of stuf to worry abt than pronunciations …. and dont bring the northy southy stuff again .. we ll deal with this laterr…

  • Chirag says:

    Dude Raju may escape or not but, PWC is screwed, ha ha ha it is one of the biggest auditing firm around.

  • Chirag says:

    And this one just came out of close, I am sure as Nita, suggested, others are yet to come out of there closet.

  • Divkiran says:

    Well… All i can say and wish is i hope that all these biggies would acta just a lil more responsibly

    If US – being the financial capital of the world – had acted a little more responsibly with thr credit policies – the reciession wudnt have struck us all and similarly if Satyam had acted responsibly, it wudnt have gotten worse for us

    When people are that high up, and have so much fame, power and money already – i don understand y they need to do all this…. wish thy wud think even once about how it wud affect everyone else around them… its not just satyam but the whole of IT industry thts been hit…. GOD SAVE US ALL

  • i wonder how he expected to walk away from this. it was bound to come out in the open!
    and from what he makes it sound like, he wanted to cover up until things got ok! what?!?!

  • @harry: true..

    @reema: nothing much,just drop 😛

    @paul: true..but we are waiting to see what he can do 🙂

    @nita: me too 🙂

    @leafless: true..

    @raj: lol,ya well bailouts might come soon 😛

    @vimal: well all the continents do keep moving..


    @aneesh: ya..

    @tony: ya it won’t go away,after it has so many good readers 🙂

    @chirag: ya PWC is screwed big time 😛

    @kiran: he didn’t do it for himself ;P but for the company,see the letter…

    @compulsive: well something like more lies to cover up one…

  • shivya says:

    The letter actually made me feel a little bad for the guy. The whole scandal is incredible.

  • Kiran says:

    Despicable and Unethical business conduct! It’s called Corporate Malfeasance. I wrote a post on Enron—Satyam is such. I don’t see any end to this malpractices. It’s greed, one of the 7 deadly sins!

  • Kido says:

    Greed! A terrible-terrible breed!

    Satyam turned Asatyam

  • jaymaniyar says:

    It is…very shocking indeed.

  • arvind says:

    too bad …
    I need to read the letter …
    but later ..

  • Amit says:

    Just when the sensex was going a little bit up, this news was enough to pull it back. Seriously, what was the guy thinking??

  • Vani says:

    Eventually the share holders and employees are the victims.I think soon morality can be find only in dictionary and would vanish from every where else…

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