Joe Leahy seems to have forgotten regarding Enron, Anderson Consulting and as recent as Lehman bros. and Madoff. This malady of reputed companies getting suddenly unstuck is not limited to Asia Pac region as the writer either seems to believe or make readers believe. And please no enthusiasts jump to the conclusion I am supporting Indian or Asian companies' practices. Most of the American companies especially IT companies have their sofware arms or vendors based in India to follow umpteen certification requirements which usually the counterparts in US are exempt from. Take any big software companies, this is the case, they go for certifications in India but conspicuously shun from such requirements abroad. And that goes equally true for Indian origin companies or others. It only shows they are too ready to use the loopholes where and whenever they can.
Re: Biased report on the region's companies
by MKM GEN on Jan 15, 2009 03:52 AM
See how crftily he absolved PwC, of any blame. In the process, he's had to take the position that Satyam cheated a whole host of organisations. [quote]More than that, by claiming to have cheated in full view of PwC, Satyam's international auditor, as well as the company's banks and stock market authorities in India, the US and the Netherlands where Satyam is listed [unquote]. So, he tars all Indian businesses as dishonest and conveniently gets an Indian to call it "crony capitalism".
Re: Biased report on the region's companies
by Vamshi Ghanapathi on Jan 15, 2009 12:02 AM
What about Lehman Brothers? AIG? Are they not American, which always claims as the upholder of Moral values?? What about the Illinois Governor, who was arrested the other day for bribery? It is power and money, which corrupt people. Nationalities are not barred.
With out the connivance of the concerned like independent/dependant Directors, Auditors, banks etc., How anybody can be unsuspicious if its name is available in the schedule without actual deposit in the Bank? Siphoning of funds, showing inflated invoices, building of debtors, stocks to show profits is the common thing in the industry. Their accounts differ for different purposes and this is known to every one but still they do not question. This is prevalant in very small unlisted companies as well as big cos. like Satyam and whose Auditors are one of the big four after one is ldelted from the big 5 Arther Anderson. Still our Govt. do not take any cognisance of these. When GTB thing happended, RBI debarred it for some time, still none realised the competence of international reputed auditors. Very small audit firms in India follow better ethical practices then the international reputed firms. Scams like this occur and the investors go on gambling based on the share price movement. Ther should be an agency to oversee the fluctation in share prices and then investigate the affairs so that the loopholes come to light earlier then waiting for the top man to announce. Just like confirmation of balances, now the Banks should give a certificate about the FDRs of the Cos. SEBI should appoint an independent teams to verify the veracity of the Prospectus submitted to it for acknowledgement to go public, to watch the unreal fluctuations in the share price, whether they are manipulated
Yeduguri Samuel Rajasekhar Reddy(YSR) is responsible for it. He is a Christian and hides his Christianity by projecting his name as YS Rajasekhar Reddy and plays cast politics in the name of Reddy community. He is the only person who may be responcible other than Raju.
Re: Nationalise the assets of the people responsible for it.
by arnold s on Jan 15, 2009 08:40 AM
Please dont be so stupid to bring a religious angle to it. If YSR is Christian, Raju was hindu. Can we say all hindus are crooks? Most of the politicians and businessmen irrespective of their religious or caste connections are cheats in some way. There is no relation between cheating and religion. Remember that way HARSHAD MEHTA was not a christian
Re: Nationalise the assets of the people responsible for it.
by Raman Judge on Jan 14, 2009 07:37 PM
Ha ha. Pagal.khanas are at Amritsar and Agra. U chose where u want to go.
Re: Re: Nationalise the assets of the people responsible for it.
by iamhuman on Jan 14, 2009 07:49 PM
Who is Pagal, reality is always not trusted in India, due to their caste religion, pary, Community. Pagal think about the country above all these.
Satyam - Its a cry of spilled milk... Insted of govt giving 2000 crorers to a tainted company, I would recommend the following action urgently: 1) Split the company into many parts 2) Sell them to different vendors like L&T, Tech Mahindra, HCL etc... 3) Sell most of the lands that the company has; 4) Attach Raju and Maytas lands, sell them 5) Form a small core group which will have some cash close to $500 million (from the sale of Raju's land)...Remaining money - give it to the poor shareholders 6) Use the $500 million - go for law settlement in US & India. When people know they can get a pie in the $500 million, they will be ready for out of the court settlement. 7) Settle the lawsuits - sell the remaining core group 8) Put a full stop to Satyam saga # Raju is a cheat; his sons are also cheat - including the CMs of AP # Let law takes it own course - after all the politicians will not support him if his cash is wiped off!!
Re: Govt/MMSingh - Dont waste tax payers 2000 crores public money
by Arup Gupta on Jan 14, 2009 05:51 PM
boss we are ourselves to blame . Who created this Raju ? Surely the politicians typically from AP . Who choose these leaders , we the people . Then whom to blame ?
Re: Govt/MMSingh - Dont waste tax payers 2000 crores public money
by SNEHAL CHAUDHARI on Jan 15, 2009 12:27 PM
Hi boss; your comments are precise. If you hv time,I would like to take your advise for my small business that I hv started but somehow not picking up. Contact at semisilicon@rediffmail.com
Re: Govt/MMSingh - Dont waste tax payers 2000 crores public money
by Classic on Jan 14, 2009 06:25 PM
First Goverment should compensate shareholders trustfully invested on the company
Re: Re: Govt/MMSingh - Dont waste tax payers 2000 crores public m
by Classic on Jan 14, 2009 06:29 PM
I suspect congress and Naidu played lot of role in Sathyam. For that reason only they want to grant money
Re: Re: Re: Govt/MMSingh - Dont waste tax payers 2000 crores publ
by iamhuman on Jan 14, 2009 07:41 PM
What is Naidus role, he is only striving for IT development in AP, for that reason he may encurage Raju, but he is out of power since last 4 and half years. He encouraged Mirosoft, IBM, Oracle and lot of others by giving them lands and other facilities.Dragging Naidu into this does not mean anything than hate all politicians.
Govt is ready pump Rs.2000.00 crores to care the Satyam. why??? this is pvt co. How come such decision taken so fast. There are so many sick PSU are there to take care
Re: satyam scam
by hari babu on Jan 14, 2009 04:58 PM
coz, there are many corporates in India which will be affected with this scam. and there are employees in those companies in lakhs. all PSUs are running fine and though they show up losses, they are very much controlled by the government and employees get paid. If the confidence is not regained, We may loose foriegn investments directly or indirectly!
Re: Re: satyam scam
by Hebbar R on Jan 14, 2009 06:16 PM
There are also so many unemployed people in India and the Govt does not seem to be so keen on helping such people.
Re: Re: satyam scam
by Prasad Iyer on Jan 14, 2009 05:22 PM
This would be bad, but there is nothing in the above article about that. Where did you see this?
I have read the letter of confession wrote by the CEO of Satyam Mr. Raju.
There is a question of scandal of Rs.7000 crore. Now it is a matter of investigation and its outcome. But to my opinion , there does not arise any cause of concern and such hue and cry. It is wsell known that stock market is risk market and whoever puts in money , he is just gambling. These very investors have for years together have harvested the outcome/financial result (so called inflated) and now it is at the verge of collapse, people are making hue and cry.
Government should also have soft corner for Raju Lingam as this gentleman has provided decent employment for 50000 strong force and must also have paid (if taken accumulated for two decade) many thousand crore of rupees. If Mr Raju has siphoned the money of investors to his dear & near and if it is kproved, he must be punished. But after all he has been providing livelyhood to lakhs of people for almost two decade. This fact must not be ignored.
Re: SATYAM'S RAJU
by imtherightboss on Jan 14, 2009 05:41 PM
You are stupid. He gave employment to 50,000 people but he wiped off the hard earned money from the share holders...not all share holders are FIIs...retail share holders have also put it... He is a cheat and you are supporting a criminal
Re: SATYAM'S RAJU
by ramakrishna d on Jan 14, 2009 05:52 PM
Did Raju call Share holders and sold hsi shares.. Shares always gambling.. whn Raju's share is 500 how many share holders gained.. last 2/3 months people lost so much money in this share business due to global finacial crisis.. that time no one can say any thing!! Now every body is talking!! bulshit
It is worth mention here that the role of a partner(who is an ex E&Y)who managed to get in PWC with the help of Raju. The proximity of raju has led him to become the partner of PWC and gain 5 crore bill for PWC.
