Satyam Scandal - Analysis

Analysis

'Now the critical need is to rejuvenate Satyam, through professional managers and/or established promoters who will inject fresh capital and Enthusiasm into the business. The Securities and Exchange Board of India (SEBI) can play a pivotal role in this. Time is of the essence as customers cannot wait for solutions. We Indians by now are so used to all types of scandals and frauds by their Political leaders, Celebrities, Businessmen and public figures; it looks like nothing affects them anymore. There were a lot of passions aroused in the initial days of the scandals being exposed with questions like “How could he do it”? And “Why did he do it”? Etc. All is forgotten by the end of the day and it is back to square one for the common man.The fraud done by Ramalinga Raju is one more wake up call to our rather callous and laid back fellow Indians. The news story, which hit the Headlines a few months ago, exposed the utter dishonesty and Disregard with which Eminent businessmen deal with public money. Notwithstanding the fact that Mr. Raju came out with an admission of his guilt and wrongdoings by way of a five page letter drafted for his board members, the authorities took a full 3 days to initiate any legal action against this well connected and powerful individual .This man has revealed in his letter that he had manipulated the accounts of Satyam computers of which he was the CEO to a tune of around Rs.7000 Crores and that the money was non-existent. He further stated that he had boosted the amount of credit interest shown to the tune of around Rs. 400 Crores is another slap on the face of the easy to fool Investors. Just to think a man whom thousands trusted by putting their hard earned money into his business venture could simply write a letter saying he has manipulated his accounts to show better prospects for investment in his company, this simply shocks our senses .At long last the AP police have taken action and arrested Ramalinga Raju, Rama Raju his brother, and V. Srinivas one of the MDs’ of the company and now it is our job as usual to forget everything and get on with our boring lives. The coming few days will be however interesting to the passionate minority of Indians to see how many political and corporate heads role when more truths come out. In the meantime, it is only wishful thinking for the around 52000 Satyam Employees and the poor Investors.'