May be Satyam come out of the crisis in long term. But it should not come out by eating thousands of crores of Poor Taxpayers money. Bail out should not be sanctioned until atleast all the persons including the Rajus Family ,politicians , coroporates, CAs Found guilty of eating crores of rupees were taken to road without any dress and baeten up severly on the road and them hanged without any dress and kept them rotten for weeks. Do all these things and Bail out to save the Employees who will be affected. Before that Take all the properties of these people also.
Re: Re: Madrasi are cheats
by xxxxxxxxxxxxx xxxxxxxxxxxxxx on Jan 14, 2009 03:48 PM
Mdarsai or kerala or gujju or marathi or sindhi, fellows he is an INDIAN.and This happens only in INDIA
Satyam did have the $1 Billion, but Raju stole it and told it never existed, this one is more believable because there is no way PwC and the rest of the auditors will be unaware of such a massive fraud if Raju's version is correct. But why would Raju do such a move, who wants to stay in jail for 10 years for petty money?? very confusing..
Re: New Twist
by Super Star on Jan 14, 2009 03:31 PM
No confusion. The balance sheet has all along been inflated. The non-existent profits were shown as bank deposits which never existed. Raju and his team with their computer software expertise have manufactured Bank FD receipts and shown to PWC which has certified the financial statements believing the fake FD receipts to be true. After all, PWC cannot be expected to suspect whether the management of Satyam would be faking documents. This is the fact. For this, Raju and his chor team must be jailed for 10 years minimum. They have taken the entire world for a ride for seven long years. Cheats of the first order.
Re: New Twist
by slash five on Jan 14, 2009 03:29 PM
true - thats an interesting angle as well. i hope more skeletons tumble out of the closet. also the angle of ysr reddy and naidu being in bed with the corporates - have to be probed
People like Raju, late Harshad Mehta, Telgi etc have unique ability to work around the systems to derive maximum benefit. They are not normal criminals. India can certainly make use of their ability to sabotage the financial systems (whatever is left) of Pak. Pak is not leaving any stone unturned to finish India. So why not take these steps to pay them back. Similarly we must use Rajan to finish Dawood.
Re: Raju, Mehta and Telgi
by Super Star on Jan 14, 2009 03:32 PM
What you do to others you get back yourself. Let us try to clear our mess, instead of hoping to fill Pak with our mess. What stupid thought.
after this scandal, i m more interested i knowing about pwc's role than that of raju's. being a c.a. final student i would like to see wat happens next to pwc, one of the most prestigious global auditing firms....
Re: satyam
by John on Jan 14, 2009 03:19 PM
Read the material provided to you for your course and am sure you won't have to turn to anybody for answers as to what was the role of PwC. If we believe what you are saying (CA final student), then by now you would be knowing what audit is and what role auditor plays in detecting fraud. Audit is not investigation
Re: satyam
by Super Star on Jan 14, 2009 03:36 PM
Considering the limits of audit, PWC may not have committed any crime. It is believed that PWC has been shown FD receipts for the bank balances. These are non-existent FDs which apparently are forged / created by Raju and his team. PWC has relied on these fake documents as you cannot expect them to differentiate fake from original as they never suspected such a thing from Satyam Management. It is like you getting a fake note of Rs. 500 from your bank. You never suspect, but when you try to spend somewhere you are told this is fake. Something like that must have happened. Otherwise, PWC would not have committed this kind of mistake / crime. For all their arrogance, they are professionally very competent people.
If auditors learn something from the Satyam fiasco more Indian promoters will be in soup.. watch out for Reliance (both), Airtel, ICICI, HDFC, DLF, Parswanath to name a few but there may be more names.. At the end of the day it is the small share holders like us will be financially affected
Re: More skeletons in the cupboards
by Super Star on Jan 14, 2009 03:40 PM
I dont think HDFC would have any skeletons in their balance sheet, although about others I am not so sure. You can add Suzlon, Rolta, Prithvi Information, XL Telecom, Plethico pharma, Welspun and another 8900 listed companies of India.
A week gone. Still we find Andhra police holding raju and others and showing as though they doing real investigation. This is an eyewash. Sure Satyam as a company should proceed with its day-to-day activities. Le us not disturb it. Also let the interim board find out creditors. But SEBI by now should have come out with the following a) How much money did Satyam have in BanksMFs etc in all the quarters in 2008 and where? (indian banks or foreign?) So what Raju has stated is true or was there mior fudge of accounts to a few hundred crores and remaining were siphoned off to personal accounts or other sister companies? This is important.
I think Mr. Raju has fabricated the story so that govt. will revive the company from it's financial crisiss. Otherwise how comes such a great man commit such a blunder.
Re: Raju for Satyam
by sumit pareek on Jan 14, 2009 03:26 PM
Fools Make mistake wise make blunder!!! neverthless team of 25 lawayers will save him soon.then Raju will enjoy his stolen wealth.
Re: Raju for Satyam
by lostfound on Jan 14, 2009 02:53 PM
Point well made....The result of this being the government now taking hold of things at Satyam.. only concern is how will Mr.Raju be treated..???
Re: Raju for Satyam
by Deepak Yadav on Jan 14, 2009 03:02 PM
For Satyam, I am also a distraughted man but truth is truth.
Mr. Raju was a great man but with malafide intentions. He was crook of first order. He did his first financial irregularity in 1989. Wait for Two months and then buy a copy of India Today where they will publish full story of Satyam.
It pains me to write such a thing about Mr. Raju but just think about those employees working for Satyam.
Re: Raju for Satyam
by hyderabad on Jan 14, 2009 03:20 PM
The story is just part of master stroke...there is something else to the fiasco...how can 7 years things go loke this without any bank, financinal institue, auditors, directors, employees knows about it.....it is highly imppossible...with such a big amount and so much of long term...even an average accountant and mddle management will know something is fishy....the problem in Satyam is beyond understanding in current scinario but this is not just handy work of Mr.Raju....there many many more people involved....being a leader mr.raju has taken the responsibility.
