Well, if you are wondering that I have written this post quite late, then I would completely agree. I was so busy reading stories that I did not wish to write one. In this post, I am only writing what I feel ideally it should be.
S A T Y A M
M A Y T A S
Read it from right or left, you would read Satyam and Maytas. That’s how inclined were the Raju family with the name Satyam. The land greedy Raju’s original face finally came out for every one to see. That, in itself was so surprising that the stock market went crashing day after day. The Satyam share plunged to an all time low of Rs. 11 before hovering around 30 today.
I think this is more or less a breach of trust than acutal theft. Ramalinga Raju inflated accounts to get cheaper loans and put Satyam with a strong Balance Sheet to compete against the gaints of the IT. Satyam was included in the reference of BIG4 of the India’s IT industry space. Before the confession came in, the whole IT faternity was clear that no body can challenge the company’s place in the BIG4.
Ask the same people today, and listen to their change in tone. Obviously natural, no one was aware of the storm that was to sweep the things at stake here. One of the most important thing to observe was the prompt reaction from the government which is really rare to happen.
I assume, and purely in my mind only, was the government thinking of the 50k employees or something else in the whole Satyam fiasco. No offence please, but after all its human mind and it tend to think in all angles possible.
Hope the country emerges sucessfull in clearing this mess out. Best of Luck!
India
This one is similar to the Enron but vastly different in characteristics. Hope it turns around quickly.
Biggest blockbuster, this incident is geting all the hype from the media. I am not sure what exactly is happening, but one things clear. India seriously needs to shed its corrupt image to let people live peacefully. Loosing money in such corporate debacles is pretty disturbing…