The Indian Economy Blog

January 7, 2009

Yeh Kya Ho Rahaan Hai?

@**&#!! (!*!)!##! And, in addition, dazed and confused :-)

Here is the full text of Satyam CEO Ramalinga Raju’s resignation letter

Reactions/ comments?

4 Comments »

  1. What is funny is that he makes attempts to sound righteous –
    ‘not stolen a rupee from this company..’ and other similar toned statements.
    He takes with him not just his reputation, but the good image associated with Indian IT companies in the eyes of american investors. Satyam is listed on the NASDAQ.

    It was time for an indian sarbanes oxley anyways.

    Comment by S — January 7, 2009 @ 11:14 pm

  2. @S

    “He takes with him not just his reputation, but the good image associated with Indian IT companies in the eyes of american investors. Satyam is listed on the NASDAQ.”

    The news media will not be giving this scam a fair treatment unless the names of the key people who handled the Satyam account at PricewaterhouseCoopers who audited Satyam books is revealed because they are as much culprit in this scam as top officials of Satyam.

    Comment by Lankesh — January 7, 2009 @ 11:54 pm

  3. God alone knows how many such instances exist or if this is a one-off case as some people seem to suggest. Corporate governance, like Quality, is but a cute word to use in corporate circles and marketing and promotional communication in India.

    Most of the local news media will shy away from tackling an issue of this size and dimension.

    Just like S above, I find the righteousness in the letter nauseating.

    Comment by SN — January 8, 2009 @ 10:14 am

  4. I agree with S and SN … not only is the righteousness nauseating, there is also some indication that it is fabricated … Mint reports that 3% is too low for an IT company’s margins … the company might have actually generated all the cash, but Mr. Raju thought it convenient to report it at 3% and call the rest inflated.

    Secondly, there are also reports that DSPML found irregularities while conducting due diligence for the company … so pushed to the wall … Mr. Raju did not have many options … but to confess

    Comment by Sumeet — January 8, 2009 @ 12:43 pm

RSS feed for comments on this post. TrackBack URL

Leave a comment

Powered by WP Hashcash

Powered by WordPress