Satyam- Where is Satyam, the truth?

A company is formed with a word that carry the meaning: "Only Truth ".

Alas,no one really knew that the promotors are not having any relation to the word 'Satyam" until today, when its Chairman's resignation letter started the rounds in the internet!

Of late, we are seeing unrealistic share price movements of almost all companies in the market. I very much doubt that this would have any relation to the inherent strength of those companies supported by sound financial principles.

It is only a matter of time that all (?) truth about this fraud would come out, if only a serious attempt to unravel this scam is made.

Satyam has proved one point, in that the company has brought to light this fraud out in open to the public, whereas there would be scores of other "Un-satyam" companies doing the covering up operations very cleverly by hoodwinking SEBI,and other bodies, including the government.

I am curious to know if the directors have already sold their shares in the market without divulging it to the MCA or SEBI. whether this could have been possible?

The resignation letter doing the rounds, if it is the original one he has presented to the board, is something sure to find in history!

I am also curious to know if the Auditing firms and other intermediaries/agencies or including public institutions were supporting the murky dealings and fraudulant non-disclosures.

Now whether the board is present in its full strength? as one lady board member resigned a few days prior to the resignation of R Raju!

Raju has not said any word about his responsibility towards the board. What is the number of shares that he is holding and what is the proportionate liability that he has to bear?

Can the resignation of the board member and chairman be accepted by the board, if there is huge undischarged liability?

Even if there is hope for salvaging the company, that is dashed by this one act of Raju resigning from the company (without having the courage to face it) and also making it public the content of the letter at this stage, as the beleagured company and the interim CEO would now be faced with numerous charges and legal actions from within and outside the country, as the company is listed in NYSE.

These and more questions, which may come from the investors/stake holders need to be answered. But only time will tell who would answer them.

If Stock Exchange is not aware of the number of shares traded in the market(with the background details of owners and buyeers) and SEBI is not getting any reports on dubious transactions, all these bodies need to be taken to task.

PriceWaterHouse now should hide them in a fishpond! where they cannot hide but only showcase their auditing skills!

I have no stake in Satyam Computer in any manner, no shares, no transactions, not even a sify net account! But I really really pity the common man who may be having some shares, and the employees who have spent their years in Satyam for the captains to commit this "barratry".

Everybody in the business community now says that this is an isolated and stray case and does not portray any malaise in indian business houses...(believe investors) comparing the Enron scam in US.

I have only one thing to say, my dear common man, do not fall for the greed to make quick money either by shares or by any means.

Who knows, the weather report predictions in India also may be forecasting the formation of Meltdown cyclone!


Satyameva jayathe!