1. All stock exchange listed companies in India must comply with RTI Act (Right To Information Act). In Bangladesh all listed companies comply with their RTI Act.
2. Because these companies OWN and OPERATE on public aka shareholders money which is 10 times the company quarterly revenue.
3. And to prevent Wage Slavery companies in services industry must give stock options to all its employees.
4. 7000 crores -> Ramalinga Raju -> HAWALA -> MAYTAS METRO RAIL PROJECT -> BRIBES (to clients, bank managers, politicians, auditors) -> Dr. YSR -> SONIA GANDHI -> Congress Party Funds.
I hope that the international media and clients start questioning all indian industry. I am sure someone with VERY dirty hands is TCS. Those guys are next for sure.
Average profit margin of 25% in IT sector, means that Satyam was actually a cash rich company. While stating that Rs. 5000 crores as nonexistent cash balance Raju also states that approximately Rs. 2000 crores is hidden debt. It can be guessed that huge amount of money has been siphoned out of the company by Raju's family and their political mentors. The Raju family has been pledging land banks in and around major infrastructure projects they have won to political figures, but with the collapse of the reality sector, the political figures demanded cash instead. This precipitated the present uncontrollable crisis. The major fraud in the balance sheet is recent, max 2-3 years back, and not historical as claimed by Raju. Raju has also taken huge loans from tobacco dealers in the Telengana area recently. But the collapse of the financial position and the need of Raju to take loan indicates that major portion of money was siphoned out some time back. Through Maytas, the Rajus are owners of 6000 acres of land in South and West India. Though siphoned out money may have been invested in these land acquisitions, some may have been lost as bad investment. It is a good bet that they have lost money in the margin-calls of exotic derivatives. It is likelt that thsese investments were illegal. They are amongst top 10 land owners in the country today. All money embezzeled by Raju can be easily recovered by attachiing these properties and auctioning them.
Re: Get back the money
by SG on Jan 10, 2009 11:53 AM
The biggest question is whether there is 25% margin in IT or not..... dont forget we have been hearing Infy is seating on cash reserve for last 5 years....most of the IT cos came out with IPOs and collected huge money from market, did nothing with it....where is the money??? with which bank???......the obvious question is whether MONEY has also become VIRTUAL in IT sector????
rags to riches story is questionable in India bcoz almost all the politicians have crores of money in black & have "benaami's" friends to invest these monies.satyam is one of them & stong rumours during Indira gandhi time that Dhirubhai Ambani(father of anil/mukesh) was the benaami of Indira gandhi...So our politicians are no less than British & infact worse as stealing from their own citizens?what's the solution? Get colonised preferably by germans,Japs & Israelis to get us on the right track & put all these traitors(politicians & their family) in Andaman Jail
As in below comment few persons are talking ridiculously without knowing the actual fact. 7000 crore was the virtual money which have been shown on the paper to gain the confidence of investors & customers. We can take it as unfortuante event for indian economy. This is not the mistake of one individual. This is the mistake of all. As so many rules has been made by government to control this type of situation but Government failed. Government should also be getting blame not only ramalinga raju.
Re: Persons Not Aware of actual fact (Please dont speak)
by kumar bhat on Jan 10, 2009 11:03 AM
if it is virtual money , was satyam doing IT business without any profit all these years considering the fact that satyam doesn't pay its employees well and IT was in peak in last few years?
Satyam is not an isolated case. Even after SEBI formulating a strategy to get reports from peer auditors such events will occur. Main reason being our minds are corrupt. While Govt employees were give fat salaries, bank employees and oil employees have been denied. Even after accepting the fact that present salary level are good, who does not want a raise in salary?? Finally, no one knows how much land does one need ? Like Raju even it is rumoured that both Sharad Pawar and Mukesh Ambani have amassed huge land.I will be happy if it is NOT TRUE. Who is paying for it??
Re: satyam will be a part of L&T
by ramkrishna on Jan 10, 2009 10:56 AM
they buy shares in the market at lowest price and keep quiet for sometime, first of all whoare the big shareholders and howmuch they have , like example lic is having more amount of shares any financial institute or brokers are any firm that will get intothis and cooperate , otherwise they also do trade andgo away
Re: dont go to supreme court
by Golden on Jan 10, 2009 11:09 AM
better to go to RSS goons and bajrangis....they have patented this job..they only need a pawwaah and they will go for kind of heinous job...
Re: Re: dont go to supreme court
by Golden on Jan 10, 2009 11:10 AM
dawood chamchas are still working in bombay police and indian army who do traffic on border for petty money....
all satyam employees plz get hold the neck of Ramliga raju and where he has kept the fraud 7000 crore rupees, so employees can get salary for another 14 months with out business
Re: ASK - Raju to pay
by RUCHI on Jan 10, 2009 10:26 AM
do u understand by this 7000 crore rupee fraud,dont write like a idot. first confirm wht hs happened in d company..
Re: ASK - Raju to pay
by yugapurush on Jan 10, 2009 10:20 AM
there is nothing wrong if a mob of 50000 employees and investors together march to his come and finish his family
all satyam employees plz get hold the neck of Ramliga raju and where he has kept the fraud 7000 crore rupees, so employees can get salary for another 14 months with out business
