Indianexpress.com : comments : Satyam scam: Raju traceless; WB image 'suffers'

Satyam scam: Raju traceless; WB image 'suffers'

ANI/PTI

Hyderabad/New York: The management of Satyam Computers has said that it has no clue about Ramalinga Raju's whereabouts, even as a team of the Securities and Exchange Board of India (SEBI) reached Hyderabad to investigate a case of fraud related to the company. According to some sources, Raju left for Texas on Wedn ....Read more

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indian auditorsBy: anonymous | Thursday , 8 Jan '09 19:44:19 PM Reply | Forward what was the CAG doing when whole of this case was going on. the CAG could have had controlled over this mishap by controlling the service tax that the company was paying. just one person cant be given the whole responsibility for being involved in this .

Satyam's FraudBy: Prabhat Sen Sarma | Thursday , 8 Jan '09 19:25:42 PM Reply | Forward India has got promotion to the international level with the disclosure of Satyam's Fraud to the tune of rs.7800 cr.

Glorious Chaos of IndiaBy: R Mishra | Thursday , 8 Jan '09 19:25:04 PM Reply | Forward In our great country where chaos is visible on streets, this is hardly a surprise. Like Pakistan is on terrorism we are also in a state of denial that basically NOTHING is working. We like to take the examples of a few billionares that we created and pretend that we are a great nation when the truth is that large fraction of us are below a poverty line defined at Rs 10 per day of income!I am a Satyam employee but still think that this is not a one off case for I am sure that our polititians would have siphoned several multiples of 7000 crores of our great country.Question is can we EVER wake up and correct this mess called India?

Mera Bharat MahanBy: Rajesh | Saturday , 10 Jan '09 19:22:58 PM Reply | Forward Mr. Mishra, to fix the problem, we have to be realisitc first and accpet that it is not a great country and we are not a great people. We are corrupt. We say Satyam and what we have is Asatya. Political, beaurocratic and judicial system is corrupt. Police is the most corrupt that peope are scared of them than real thieves. We are a great only in cheating others.

Fraud and Loss not Quantifiable as of NowBy: Suresh Kumar Rathi | Thursday , 8 Jan '09 19:07:47 PM Reply | Forward This is nothing New and our Indians memery is short. We have forgotten Harshad Mehta, Ketan Parekh and all others. We have also statred forgetting the Mumbai Terrorist attack. Much has been said and nothing has been done. What is the SEBI, the World bank and most important the Auditors doing. The auditors have brought a disrepute to such a noble Profession whcih is relied by so many People. The loss is not only 7000 Crores. Imagine the Person who has bought shares at Rs 400 and whose woth is now 40 Rs 360 Per share multiplied by the Number of shares is the total fraud in addition to 7000 Crore. It may be mind boggling . If this figure is taken the Total loss would be around Rs 100000 Crore. I do not know the total number of shares. To this the fall in the Value of other Group Companies are to be added? It is too premature to come to a figure. "The biggest of the fires could have been put off if water could have been Poured at right time

PWC - External auditors and internal auditors are to be punishedBy: Vishwas Kulkarni | Thursday , 8 Jan '09 18:27:00 PM Reply | Forward PWC - External auditors and all internal auditors are real criminals. It is one of biggest accounting fraud where reputed auditors deliberately ignored the standard auditing practices and processes. It appears that they have not verified the physical bank balances of Rs. 5000 cores. Government should make laws to punish auditors including auditing companies.

SatyamBy: De | Thursday , 8 Jan '09 18:05:53 PM Reply | Forward When every body kept quiet about milking the nation by Harshad Mehta, why raise so much fuss over 7K crores? Only the investors who hv been greedy enough to invest money in other ppl's business without knowing much abt earning money the hard way, are shedding their tears!!

Mr. RajuBy: sachin gupta | Thursday , 8 Jan '09 17:54:32 PM Reply | Forward Mr. Raju had held a very good image of a professional in my mind, committing fraud made him fraudulent and running away will make him criminal

No need for hypeBy: Lakshmi | Thursday , 8 Jan '09 17:42:52 PM Reply | Forward Corporate mismanagement, greed and fraud are rampent all over the world. No need to blame all Indian industrialists or declare national shame. By all means demand putting in place stringent regulation and actual practice.

Well SaidBy: Rajan VT | Friday , 9 Jan '09 14:31:55 PM Reply | Forward Well said Lakshmi. The need of the hour is to fix the problem.

The role of other Satyman directorsBy: duman | Thursday , 8 Jan '09 16:38:37 PM Reply | Forward what were the other directors doing for the last few years? all very nice blaming raju now. the other directors by saying the didnt know about the magnitude of the issue are either 1) incompotent 2) liars. Either of which would make one question their credibility in being a company director and its associated responsbilities

Satyam... next TCS?By: DS | Thursday , 8 Jan '09 16:36:34 PM Reply | Forward While it is no surprise that Satyam is doing this kinda of business,I know in a company in Michigan where TCS is doing multi-million $ contract they are giving 5% to 10% commission as bribe to employees who is signing the contract and extending the contract with TCS . Are these suppose to be illegal with SOX eyes? When some one is going to bell the TCS cat?

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