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Satyam fraud: Full text of Raju's letter to board

Hyderabad: Following is the text of the letter Raju wrote to the Satyam board: "It is with deep regret and tremendous burden that I am carrying on my conscience, that I would like to bring the following facts to your notice: 1. The Balance Sheet carries as of September 30, 2008, a) Inflated (non-existent)  ....Read more

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33 Comments |
Unfortunately happens all the timeBy: Sandee R. | Wednesday , 7 Jan '09 23:25:30 PM Reply | Forward It is unfortunate, but the "real" fact is that this happens all the time and all around us. Every, and I repeat, every entrepreneur does "what the laws and regulations believe is" fraud to a certain extent (small or big), every leader has blood in his hands (directly or indirectly), every religious man has some sin on his soul... very unfortunate, but fact of life.
FraudBy: karan | Wednesday , 7 Jan '09 16:22:25 PM Reply | Forward Raju (B Ramalinga Raju) adds a new achievment in his life ...after creating a company like satyam the 4th largest ..now he has created a fraud, a fraud with emplyees, stake holders, money lenders
>>hiBy: Ravi | Thursday , 8 Jan '09 15:31:51 PM Reply | Forward Life has ups and downs.May be its a tough time for him.it doesnt mean commentators are good players.be positively he would come back.
Time to think over and figure outBy: Rajesh Nair | Wednesday , 7 Jan '09 15:37:28 PM Reply | Forward it was a shocking news for us especially who thrives in IT industries. The culprits shouldn't be vindicated whoever it is as it affect a multitude who depends their job for the survival. One request to everyone ' stop digging the well further but pray to get things resolved in less torment.
SatyamBy: P Srinivasan | Wednesday , 7 Jan '09 15:17:06 PM Reply | Forward Shows the pathetic state of Affairs of our Audit
satyam failureBy: Rajamohan nagarajan | Wednesday , 7 Jan '09 14:55:22 PM Reply | Forward major fraud of the software company
Mayhem Caused by a LeaderBy: Sandeep | Wednesday , 7 Jan '09 15:36:32 PM Reply | Forward How does one react to situation of this kind. Mr Raju has carried this fraud for so many years and now he is disclosing them with such innocent words that he feels guilty of what he has done.He has literally not only played with the life of thousands of employees that work for Satyam but also with the hard earned money of the investors. You always heard politicians of being corrupt, what will you call this, a person whom many would have emulated as a successful corporate leader...........I don't really know what implications it would bring out for other companies as far as fii/Fdi are concerned.
Satyam FailureBy: Ajay | Wednesday , 7 Jan '09 15:57:46 PM Reply | Forward Satyam got peacock award for corporate governance.Who the hell gave it this award. I think even a child of 12th class can handle a company now. Such a big blunder by an Alumnus of HArward. Unbelievable!!! Now this incident will effect indian outsourcing industry as the customers will doubt our integrity. There should be strict action against Raju. He shouldn't be spared for using money of investors and leaving satyam thick and thin
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