bells have started to ring once again...Congrats once again we have proved that we never believe in doing anything small. everything should be big, no matter even if that relates to corruption or fraud. Its like Ripley's believe it or not.
Satyam's all time biggest fraud of 7000 crores has proved as a black spot on the dignity of India Inc.It looks that in India, all are fraudsters. Right from govt agencies, police and now companies like satyam! It feels all the people involved should be publicily hanged.
Not only India Inc but satyam's fraud has let its staff of 53,000 employees shamefaced. When a group of two dozen women employees at Satyam's Hyderabad's headquarters finished for the day, they covered their faces and hurriedly got into the cabs as if exiting a scene of crime. Employees are worried about their salaries and retaining their jobs. Their ESOPs have lost all their value.
B Ramalinga Raju's confession has made him enter the hall of shame. I dont know how raju will carry this burden of shame and regretness on his conscience for rest of his life. This has been a total failure of corporate governance and once again it has proved us that practical is much more different than what we study in our management books. Satyam's act has doubt the governance of the whole India Inc. Investors have to bear the brunt in markets.
This fraud has further put the auditor's role under scanner. What the hell PWC was doing over so many years. Was it sleeping or worlds's best professional audit firm has lost all its talent to cooked books without being gettting noticed.
Truly speaking big companies are the most corrupt companies.
Some of the top accounting scandels happened in past are:
1. CRB Capital Markets: Rs 1200 Crore
2. ITC_CHITALIA's Fera Voilation ($ 80 Mn) (1990-95)
3. HOME TRADE: Rs. 600 crore
4. DSQ Software: Rs. 595 crore (2000-01)
The web of lies has left Raju with no option except to face the adversities of the fraud.
Two months after taking over scam-tainted Satyam Computer Services, Tech Mahindra Sunday renamed the IT major as Mahindra Satyam.
Satyam's all time biggest fraud of 7000 crores has proved as a black spot on the dignity of India Inc.It looks that in India, all are fraudsters. Right from govt agencies, police and now companies like satyam! It feels all the people involved should be publicily hanged.
Not only India Inc but satyam's fraud has let its staff of 53,000 employees shamefaced. When a group of two dozen women employees at Satyam's Hyderabad's headquarters finished for the day, they covered their faces and hurriedly got into the cabs as if exiting a scene of crime. Employees are worried about their salaries and retaining their jobs. Their ESOPs have lost all their value.
B Ramalinga Raju's confession has made him enter the hall of shame. I dont know how raju will carry this burden of shame and regretness on his conscience for rest of his life. This has been a total failure of corporate governance and once again it has proved us that practical is much more different than what we study in our management books. Satyam's act has doubt the governance of the whole India Inc. Investors have to bear the brunt in markets.
This fraud has further put the auditor's role under scanner. What the hell PWC was doing over so many years. Was it sleeping or worlds's best professional audit firm has lost all its talent to cooked books without being gettting noticed.
Truly speaking big companies are the most corrupt companies.
Some of the top accounting scandels happened in past are:
1. CRB Capital Markets: Rs 1200 Crore
2. ITC_CHITALIA's Fera Voilation ($ 80 Mn) (1990-95)
3. HOME TRADE: Rs. 600 crore
4. DSQ Software: Rs. 595 crore (2000-01)
The web of lies has left Raju with no option except to face the adversities of the fraud.
Two months after taking over scam-tainted Satyam Computer Services, Tech Mahindra Sunday renamed the IT major as Mahindra Satyam.
But its getting really somewhat impossible to believe that the man who made Satyam, who nourish it like his own child, love it more than his soul has put an end to his own destiny with his own hands.........
