Ramalinga Raju today resigned as CEO of Satyam and revealed the biggest Indian corporate fraud. 94% of assets shown in Satyam's balance sheet are non existent. All this raises a large number of questions:- What were independent directors doing all the while?
- What were auditors doing?
- What is SEBI and Government doing?
- 53K employees
- Large number of investors
I always appreciated Satyam not just for what it did for Indian IT industry but also for coming up with state-of-the-art-emergency response system (108) that could help citizens in a timely fashion and save millions of lives. But that can be no excuse for this fraud. Companies should know that valuations are not important but its values and ethics.
All the people involved in this scam should be booked immediately and all their assets ceased. Government should also bailout Satyam and also take all necessary steps to prevent these kind of things happening in future.
All the people involved in this scam should be booked immediately and all their assets ceased. Government should also bailout Satyam and also take all necessary steps to prevent these kind of things happening in future.
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