The Satyam Fraud: Hard To Believe!

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The Satyam saga is really shameful. It is hard to believe that a fraud of this magnitude was happening at Satyam Computers for so long.

I sincerely hope that we get to the roots of this and the guilty are punished.

– Anand

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Showing 8 comments
  • Vaibhav Sumant

    I am an ex- Satyamite. I had worked with them for 4 years. I have always believed that engineering capabilities of the people is the greatest asset. With world class processes and thorough professionalism they were standing tall. But money matters. It will be unfair to say that entire organization is fraud. As I know, there are alot of people with good caliber who are still making genuine attempts to save Satyam. I am not sure at high level if you are in any position to influence any decisions or initiatives to bail out Indian IT face to outside world. Another way of looking at this is – “opportunity” – the clients who are choosing not to associate with Satyam could be tapped. Hope some stringent auditing restrictions are imposed. I also hope that guilty are punished.

  • Abhiram Modak

    I think the Government has taken the right step with the appointment of Deepak Parekh. As an ex-HDFC, he had been my boss’ boss and I know his capabilities. Yes, there also opportunities for a grab, but in the larger interest of the country’s image it would be good to see Satyam back on rails or if not, move towards a smooth liquidation. I hope Deepak Parekh and others can achieve that.

  • Shailesh Wadhankar

    I agree for punishing the guilty. The auditors role needs to be investigated as well, there were some discussions around faking during audits. However, the magnitude of fraud is such that no auditors can be fooled. Every function has to work ethically and that would automatically implement corporate governance. I wish Satyam comes out of this and all innocent Satyamites make it happen with new leadership.

  • Kshitij Peter

    I really hope the truth comes out soon, especially with so many rumours coming out in the media. I was really amazed that the Radio jockey in Nagpur didnt even know the proper name of the Satyam chairman, and today ‘Hitvada’ published Rama Raju’s photo as Ramalingam Raju!!! And the amount of the scam goes from 5K to 7.8K in the news channels. I hope the new directors don’t run around trying to find scapegoats but work more in trying to hold on to existing clients. They should ensure that the work-force concentrates on delivering the project rather than worry whether the investigations come out with truth (I still remember the Aarushi or for that matter, Dewang Mehta’s death — I havent forgotten about India’s 26/11, I just hope it just doesn’t fizzle out with the elections).

  • Vishal Pai

    Satyam fiasco is a blot on India’s outsourcing story and the so called corporate governance. But merely getting to the roots of this and punishing the guilty will not solve the problem. There will be more Raju’s / malice auditors who will rise in one way or the other.

    It’s the process of declaring profits, results and audits that has to be made more transparent and stricter. Every person should think twice before committing any fraud. Imagine 7 yrs or fraud and then winning the Golden Peacock Award.

    Vishal Pai
    http://www.dream-of-better-world.blogspot.com

  • singalong

    You can feel the refrain from the IT folks – ‘when will it all turn around!’.
    The Satyam chief was trying his best to manipulate the system in a manner typical of speculator, albeit it was for the good of the company (or it’s book value)
    Government intervention in the affairs of Satyam, after this particular episode was deemed necessary.
    I feel that the chief was bereft of vision- true, profit is the objective of all companies, but not the only.
    After the financial fiasco, think tanks from across the globe are stressing on the need to focus on the core-sectors. You even have US-analysts studying why the crisis didn’t affect India.
    In this complex scenario, i think it’s important that the heads (of IT, governance, core-industry, education, etc… ) meet at the table and evolve better strategies in meeting the needs of the people. IT is an important agent of synthesis and the scope in a country such as India is immense. I believe that a people-centric vision will help in averting such pitfalls.

  • Ketan

    I personally feel, that the Govt. of AP and PwC is somewhere hand in glove with this scam. It is near impossible to concoct such numbers just by one man or a single team. The scamsters would have to be spread across the breath of the organization and its ecosystem. Only time will tell who all were involved, but i certainly hope for the sake of the industry, that justice is swiftly done to avoid further such occurrences which impact a lot of people involved.

  • Vishal Tembhare

    Why are we just speaking about the fraud, the auditors, CEO and CFO’s… This moment might be a nightmare for the Satyam employees and it is likely to worsen due to the global economic crisis. With the appointment of three independent directors on the board (Parekh, Karnik & Achutan) things will atleast improve. Board’s first priority would be to restore company’s credibility, customer confidence and employee morale apart from safeguarding the interests of investors and other stakeholders.

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