“Satyam” means “truth” in Sanskrit, and we are very fond of saying Satyameva Jayate. Kind of ironical now. Did Ramalinga – who the Western media unkindly calls Rama+lingum or Rama dingdong and his team ever stop to think what they were up to? I dont buy the stupid story that this guy was doctoring accounts or siphoning funds or whatever all alone. This was not a Mom and Pop store or some Ekta Kapoor soap.
The biggest casualty in this entire fiasco is the future of the 50,000+ employees of Satyam. The grapevine says that 20,000 resumes are floating around but Infosys and Nasscom have both taken a stand not to hire Satyam employees. Satyam has just enough money to scrape in December’s salary. These guys get no severance pay, notice – nothing. I think the Government should look into this and ensure fair play. IT companies know now that there are a whole lot of insecure unemployed people and are playing pricey to lower the pay scales.
Raju and his brother have been arrested. I just got an sms which says they have been interrogated the whole night. I hope Raju gave them his swiss bank account number……… sorry folks, I smell funds siphoning here.
This is going to be huge and international. Satyam is a big outsourcing company. Pricewaterhouse Coopers is Satyam’s auditor, and is currently being held accountable too. The domino effect has started.
Recent statements by Pricewaterhouse : We are examining Raju’s statement but can not comment further due to confidentiality issues.
Pricewaterhouse is also in a difficult position. US holds auditors accountable too – and there are foreign investors who are going to sue
Nice … smell of fraud, litigation and police interrogation with the morning cuppa coffee