Most of you must have read / heard about what all is happening.
Imagine... the big numbers he is talking about... How did he have courage to take up all this? His letter is just terrific. Talking about such things so casually.
Just see this
"The gap in the balance sheet has arisen purely on account of inflated profits over a period of last several years "
"What started as a marginal gap between actual operating profit and the one reflected in the books of accounts continued to grow over the years. It has attained unmanageable proportions as the size of the company operations grew significantly "
"That in the last two years a net amount of Rs 1,230 crore was arranged to Satyam (not reflected in the books of Satyam) to keep the operations going by resorting to pledging all the promoter shares and raising funds from know sources by giving all kinds of assurances"
And everyone's favourite
"It was like riding a tiger, not knowing how to get off without being eaten. "
Giving a wrong figure of some crores in Deposit and then taking account of interest on these deposits which don't exist. Oh! How could he do so much?
Talk about guts!
Pity people who are affected cos of trusting a company which existed for over 2 decades and is the top 4 IT company with such a huge workforce.
Like the comedian Vadivelu says, "Puthusu puthusa yosikkaraanga..."
Economically 2008 has been really a bad year... I am thinking if all the auditing would have happened correctly he might not got a chance to riding a tiger....
ReplyDeletemore than all this.. I wonder how this escaped the eyes of the companies auditors, board of directors and PWC guys.. Seriously PWC should also be legally responsible for oversight and all the Directors on the board of Satyam should be sacked but not before stripping them of the bonuses that they earned in those years of Fraud, After-all they seem to have missed their primary responsibility.
ReplyDeleteits a mix of crap, politics, auditors, self centered idiots ..
ReplyDeleteWhat can they do now.. Nothing !! Everything is abt money .. It is shame for all the Indian IT firms, because of these fellows..