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Ramalinga Raju quits Satyam; admits to fraud

Hyderabad: Satyam Computer on Wednesday plunged into a deep crisis, as B Ramalinga Raju resigned as its Chairman after admitting to major financial wrong-doings and saying his last-ditch efforts to fill the "fictitious assets with real ones" through Maytas acquisition failed. The beleaguered IT giant, alr  ....Read more

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45 Comments |
Auditors / Directors responsible?By: Ham | Wednesday , 7 Jan '09 12:43:30 PM Reply | Forward what about the auditors and independent directors? Do they have any obligation?
Fresher's-in Satyam-By: Fresher's-in Satyam- | Wednesday , 7 Jan '09 12:40:54 PM Reply | Forward It seems all the freshers in Satyam are quitting in bulk..More than 2000 resignation letters HR received so far.. The company will be taken by HCL, which will also get rotten soon.
What about the Satyam employeesBy: Jac | Wednesday , 7 Jan '09 14:13:11 PM Reply | Forward Its a shame that any scam in India go unnoticed after a few days, nothing being learned from it. The unethical methods, artifical hierarchy, non-trasparency of Indian Management is a cause of concern for the future. Will we ever change? Imagine the condition of every Satyam employee and their families, can we change for making a change? Think about it.
Are u sure about commitment and quality of Indian IT employees ??? By: Arijit | Wednesday , 7 Jan '09 23:52:05 PM Reply | Forward I have seen many engineering graduates being recruited as freshers left Satyam after getting good training in expensive technologies . That explains why Raju had so much problem making a profit . Now he is the bad guy , when those people are making lots of money and enjoying the show from safe distance .
Auditors and Board must face criminal chargesBy: Ramanujam Chary | Wednesday , 7 Jan '09 12:37:13 PM Reply | Forward How did such a big fraud go undetected by auditors? And what about all the great names on the board? Satyam's auditors and board need to be held accountable as well for their gross negligence and incompetence. They must be jailed and thrown out of all their other posts in other companies as well.
Auditors and Board must face criminal chargesBy: Phani Kumari | Wednesday , 7 Jan '09 16:14:19 PM Reply | Forward By the time our courts decide another Satyam can be built.
satyam TurmoilBy: Mr.Frncis Gregory | Wednesday , 7 Jan '09 12:36:03 PM Reply | Forward i do not understand how it was noticed even in US despite having stringent regulatory mechanisms
SatyamBy: Kiran | Wednesday , 7 Jan '09 12:13:35 PM Reply | Forward Could face regulatory action in U S? What about in India? Seems like it's OK to commit fraud in India. What a jungle raj! This guy is submitting himself into the law. I'm sure this guy has full faith in Rajashekhar Reddy and other dogs that he has fed over the years.
Styam eva JayateBy: Raj | Wednesday , 7 Jan '09 13:53:06 PM Reply | Forward No Kiran, He has done this expecting BJP to come to power during next parleament election. Why go after Satyam. There is no value for Satyam in Indian life and business. Don't all other companies do the same. Wasn't Gujral true when he said corruption is in the blood of Indians? Is there any excemption?
Satyam Future?By: Johnny | Wednesday , 7 Jan '09 11:48:56 AM Reply | Forward Will this lead to closure of satyam accounts in IT?
satyam collapseBy: Mr.Y.Ramanathan Krishnan | Wednesday , 7 Jan '09 12:31:49 PM Reply | Forward satyam computer is completely decimated .does not have any future business.
What a stupidity of rajuBy: people's person | Wednesday , 7 Jan '09 18:29:16 PM Reply | Forward It is Satyam which lost its name in the market and world .Every body in AP know about satyam (from child to old).Now every body started spitting on it .I would like to convey only one message to every body.Think five times before you take any decision because due to Mr.Raju (stupid) 's decision 53,000 's life is at stake.Please be sincere.Today you may feel that it's ok.But the current situation truly reveals the fact that "one day your fraud will come in to light".Today is really black day for IT industry.
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