Satyam scam of over Rs. 7000 crores has created a new definition 'Financial Terrorism' in the market. No body can imagine company like Satyam could do this fraud of such magnitude. Probably, India is a conducive place for such frauds to happen due to poor regulatory framework, poor implementation of laws, corruption at all levels and long gestation period in court decisions. You would remember nothing much happened to Ketan Parikh and Harshad Mehta (though he died) because trial is still on for many years. I think Satyam promoters might have siphoned money somewhere else or parked in other countries/ companies before announcing this fraud.

I guess, this may be happening in other companies also and scam like conditions may happen if market conditions are unfavourable and they are not in a position to fill the gap. Corporate governance proven to be a myth in poorly regulated environment. I am sure stock market will lose investor’s confidence in big size companies.

I guess, it will take about 10 years to finally convict financial scams and getting bails are easy these days. I think nothing will happen to promoters because they can hire best brains to defend them in courts however, fate of 53,000 Satyam employees hang on balance without any fault. IT market may see tough times in this recession period. What do you think about this Satyam Saga?