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1. It is unfortunate that Satyam has revealed a fraud amounting to close to Rs 6000 crore and as a net result the stock markets have been badly effected. Enough has been written about the Satyam-maytas Infra deal and one can only laugh that Satyam management had the guts to challenge the World bank order of not awarding them any deal for next 8 years on the charges of fraud at international level.
2. My query is that can the resignation of Satyam Computers chairman Ramalinga Raju and MD Rama Raju can compensate for the damage which has been caused to our financial integrity as a nation. I am shell shocked as his statement is not palatable that none other than him were aware of the financial irregularities. What the hell these Chartered accountant firms were doing, eating Chai pakoda, Samosa and Underhand Money. Their Chartered Accountants have also brought disgrace to us as a nation and to Chartered Accountancy fraternity in general.
3. Satyam Computers price is going to hit Rs 30 levels. Even one can read Rakesh Jhunjhunwala Support for Indepenent Directors to understand the level of the gravity of the situation. P C Gupta, Minister of Corporate Affairs has stated that government will take co-ordinated action with SEBI after taking into account all information from Sataym. Nonetheless reactive measures have always led us to a doom and thus I can definitely say that during my overseas visits now I will have to look down as I always endorsed the financial integrity of Indians and always supported the cause that checks and balances are in place and thus India is a fit case for investment.
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