World at odds (WAO)

Satyam was in news for days now but what happened today was an absolute shocker. Saurabh messaged me telling Satyam promoter has accepted for fraud. It is another Enron kind of story. I too got curious and spend the day tracking logs across the net.

I read Raju’s letter to shareholder, his confession just tell how murky the whole affair would have been. I doubt what he has disclosed is what all he knows or what he want us to know. A share falling from Rs 180 to Rs 30 in one trading day. Indian IT industry was rocked like never before. Mr. Murthy even comes out with a statement to take strong action against Satyam as this is tarnishing India’s image. Government will set up inquires that what it knows to do. I would love to know who the auditors are.

Quote of the day “I was riding a tiger but did not know how to get off without being eaten up.” Mr. Raju now you can tell lots of story. You were into money making business not into philanthropy so now why complain. Your net worth in satyam is just 8 % and I am assured you would have amassed more in this fraud. Wonder if you would have been able to buy Maytas for Rs 6400 crores, there would have been parties at your farm till turn of next century.

I heard and read such cases too happened in corporate Japan and Korea. Daewoo was such kind of story. Some of these corporate took so many honors that they resort to suicide as the only way to get rid of guilt. No I am not asking for hara-kiri from Mr. Raju. He spoke coz he has to save lots of skins. It was not fictional number he added up, there are people responsible for corporate governance who should be held accountable. Everybody knowing about this sorry state should be barred from doing business, holding any office of importance and send packing bag home.

I am sure Satyam will bounce back under new Management. Raju will fade away. It is us who will learn a lesson. 52,000 employee and thousands of investors will have sleepless nights.

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