In India people who have committed gruesome crimes are also given bail.After all it needs a person of great will power to build such a huge organization and unfortuntely own up responsibility for a wrong act. Pl treat them with decency without putting up a show to satisfy international clients & investors. In fact the person(s) to be arrested and put behind bars without bail are the Chartered Accountants who have a legal & social responsibility which they failed. The CA institute which is hiding behind an old veil for a shameful act of their own prestigious member should come out more openly & reform its own affairs transparently.
The whole system seems to be highly corrupt and can be bought so easily. – PM and PC keeps boasting of our corrupt free system. Plus all Our Regulators SEBI/BSE/NSE/NSDL/DCA/MCA do not seem to have enough powers to take action erring companies. We have a grievance against STERLITE INDUSTRIES who Forcibly took away shares acquired thru IPO in 1993. We must have written innumerous complaints to SEBI/BSE/NSE/NSDL/DCA/MCA but in vain. All they do is just forward the complaints and companies ignore and devious in their reply. It appears that company is very confident that SEBI/BSE/NSE /NSDL/DCA/MCA are powerless and cannot do anything. Cleverly they keep changing the registrars from PCS Data to Sharepro to Karvy. Good luck to all investors – Lopesh Kumudha and Suresh
Re: I am proud of Satyam...it has provided jobs to 53000 people
by Lopesh S on Jan 12, 2009 07:43 AM Permalink
the culpability in Satyam case is not limited to the rogue promoter, who went public only when his wrongdoing reached a dead-end. The fraud perpetuated by Ramalinga Raju, over a decade on the gullible Indian is shocking. It is surprising that even though he has been manipulating books of accounts for over a decade, the central government CM has failed to take any action against him and the company. The books of accounts of corporate sectors in India are subjected to scrutiny by the Reserve Bank of India, SEBI, the Statutory audit by Charted Accountants and the balance sheet is scrutinised by the Registrar of Companies under the Companies Act, 1956.
If he has been manipulating accounts for over a decade, the scam would not have surfaced without the connivance and conspiracy of government officials and CM If any government officials are found to be involved in the scam, the government should not hesitate to take appropriate action against them too
Re: Re: I am proud of Satyam...it has provided jobs to 53000 peop
by Prem Mohan on Jan 12, 2009 09:02 AM Permalink
There are plenty of honest and competent sarkari babus who can take action against other erring sarkari babus!
