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'Satyam fraud: Not a one man show'

New Delhi: KPMG, which audits the accounts of IT majors like Infosys and Wipro, doubted the veracity of the confessional letter written by B Ramalinga Raju, the founder-chairman of Satyam Computer, saying the financial bungling cannot be done only by the head of the Hyderabad-based firm. "It defies logic  ....Read more

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19 Comments |
Get nmoney out of Raju familyBy: vijay joshi | Friday , 9 Jan '09 11:13:26 AM Reply | Forward The Govt Authority should find the over all asset and properties of R. Raju and His family. Sell them and raise money and ensure that employee are compensated , even if they lose job. I am sure the family as of today must be having more then 1500 crores worth of assets. Further same should be done with other board of directorsas it foolish of them to say that they were not aware.
Satyam Fraud - not a one man showBy: k p chandra | Friday , 9 Jan '09 10:45:35 AM Reply | Forward Satyam fraud has thrown open the question as to how safe the public money are in the hands of private corporate entities and even in Govt owned corporates. It has put a question mark to the functioning of the Chartered Accountants and big Audit Firms. It is a known fact that most of the private audit firms who are appointed as statutory auditors by different companies on the recommendation of CAG do not do their job professionally and they indulge in burshing the shortcomings and warping up huge frauds for some consideration. The country needs to look into the audit reports for all major corporate entities in light of this Satyam fraud.Further, the policy of having more than 50% independent directors in the board of a company needs to be enforced urgently.
SatyamBy: Sunil | Friday , 9 Jan '09 10:42:08 AM Reply | Forward This serves the corrupt and fraudulent Indian companies right. I can almost be certain that similar situation exists in Infosys, Patni and WIPRO. These are all apparently, acording to my opinion, corrupt companies involved in accounting, hiring, business process etc. malpractices and fraud at various levels. Indian businesses reek of corruption like the whole political and social environment there... one faces corruption at every stage of life ..even for the simplest of activity. I hope all US and EU companies immediately cancel ALL their outsourcing and local resource augmentation plans immediately and cancel their visas send all those people packing back to India.
Raju Ban Gaya GentlemanBy: Manoj | Friday , 9 Jan '09 11:07:44 AM Reply | Forward Hey Selfish Sunil. So, you want this to happen so that you Green card holders can extract more dollars by doing less. Don't think Obama and his team are fools.
Time to re-check Infy,Wipro Balance SheetsBy: Navin | Friday , 9 Jan '09 10:41:41 AM Reply | Forward KPMG and the likes will do well to adhere to the strict practices of auditing instead of glossing over the information put forward by managements to proclaim "zero impact" of slow down etc.It may be prudent to re-check the BSs of Infy and Wipro if KPMG do not want to get their image tarnished later as in case of PwC.
Satyam FraudBy: Liaquath Ali | Friday , 9 Jan '09 10:37:41 AM Reply | Forward If Satyam has been showing false accounts then what the auditing firm KPMG was doing ! What is the role of Auditors ? How can KPMG wash off their hands expressing innocence. What did they audit in the last 3 years ?
Unraveling Satyam mysteryBy: S Ravi | Friday , 9 Jan '09 10:28:20 AM Reply | Forward It is very simple to unravel this. Call the CA who has signed on behalf of the audit firm, along with all the audit working papers, question him and within one day you can find out all about the fraud. It is not a rocket science to unravel the entire thing.
'Satyam fraudBy: Venkatarama Iyer MUTHUSWAMI | Friday , 9 Jan '09 10:08:51 AM Reply | Forward Beware my fellow Indians! "Satyam" continuing episode is just a mirror image of what our respectable "Bharat Sarkar" does mostly in the name of serving the poorest of the poor! "Yada Raja, tha-ta Praja"! If it is true that Satyam means "asatyam" in this part of India Inc., we should start worriing about what is true in the vision motto of "Satya-meva Jayate" of our ruling class! Vante mataram! Jai Hind!!
These kind of things happen againBy: rek | Sunday , 11 Jan '09 0:30:09 AM Reply | Forward SATYAM LIKE CASES WILL HAPPEN MANY IN COMING YEAR ONLY THE POOR HARD EARNED INVESTORS LOOSE MONEY END OF IT DREAM JOBS
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