Through My Words!

‘Raju’ Ban gaya Gentleman

Ramalinga Raju during good times

Ramalinga Raju during good times

Funny as this title may sound, the crisis that shook ‘Satyam’ is a very serious one. Satyam, one of the leading Indian Software giants has not only shook the faith of the investors and its employees but it has also sent shockwaves running through the IT industry. 31st of december, 2008 was a day that marked the end of possibly one of the worst years in Indian history, considering the fact that i was not there  in 1948, and was too young to discern facts in 1984. With the advent of 2009, i was quite confident that this year would mark an end to all the miseries we went through last year, but  Mr. Raju had other things in mind. In what might possibly be one of the most blatant confession of frauds in the Indian industry, B. Ramalinga Raju, the disgraced ex. chairman of Satyam has sprayed black ink over what looked like a clear sheet, this new year. His confession, as he put it with “deep regret, and tremendous burden that I am carrying on my conscience” is quite an articulated one, and showcases  in details the lies that Satyam was reeling under.  Another surprising fact is that a scandal of such a large magnitude went unnoticed by the auditors of Satyam, PwC,who are also to blame for this.

What else is going to unfold in the coming days, cannot be predicted, but what happened today is pretty much one of the biggest scams in Corporate Governance ever.

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January 8, 2009 Posted by | The Corporate World | , | Leave a comment