Satyam Fiasco

Satyam fiasco first started in the month of December when Ramalinga Raju announced the acquisition of Maytas - an infrastructure company. A day later this decision was reversed when the shareholders of Satyam voiced dissension by off-loading shares on the market and Satyam share prices started falling.
Series of events started unfolding at Satyam until a week back when Ramalinga Raju announced his resignation and confessed to having committed major accounts inflation fraud in Satyam’s accounts. Of course there are various parties to this and all the names will be revealed in the days to come.
My advice to all the readers is this. Stop comparing Satyam with Ramalinga Raju. They are different. This is as per company law and just because Ramalinga, the independent director there holding less than 8.5 % stock did some mistake doesn’t mean that Satyam and its employees or its business is to blame. In India these things keep happening and if you look at companies in the northern part of India, they have close union and state political connections and they do all sorts of cook up in their books. There is a big corporate house based out of Mumbai, whose accounts, if scrutinized, a lot such will come to the fore. Compared to that, what Raju committed may be just 2-3 % in size. I do not want to name the company but anybody who is acquainted in India’s business history will know this fact. Why cannot we look at companies which showed less wealth before the arrival of SEBI and later by a family fiasco showed huge mass of wealth?

My point is – Stop comparing Satyam’s business with Ramalinga Raju. They are two different things. Let us stand by our Satyam friends at this hour and lend them all support. My commandments for the readers are
Desist from poaching Satyam’s employees as of now
Desist from snatching Satyam’s business or account