leeindia 0 Report post Posted January 7, 2009 Satyam - One of the most trusted companies in India has become the "Enron in India". It was running on fraud of over 70 billion INR for several years!!! Even the auditors like PWC also didnot catch it. Now the future of 53,000 employees is in gray. What do you think should be the punishment for the minds behind it (the CEO, directors, auditors and the corporate governance)? Share this post Link to post Share on other sites
rpgsearcherz 5 Report post Posted January 8, 2009 I think that the issue isn't with the companies themselves as much as it is the government agencies that are in charge of cracking down on such "criminal" behavior.I am pretty sure that even Enron had people in the government working with them to keep everything quiet.As long as companies are forced to pay taxes based on *income*, there will always be fakes out there. That's my understanding at least, that Enron and others like it were just falsifying how much income they were making in order to bypass taxes?It's kind of hard to tell, considering you did not put anything regarding your specific story here. We need links or something to verify information with. There is absolutely no credibility here. Share this post Link to post Share on other sites
OpaQue 15 Report post Posted January 8, 2009 More about Enron: In 1992, the Enron Corp. announced it would build a $3 billion natural-gas power plant in Dabhol in the western state of Maharashtra. The project was to be the poster child of economic liberalization in the country -- the single largest direct foreign investment in India's history. http://www.alternet.org/story/12375/enron_in_india%3A_the_giant%27s_first_fall Punishment: Share this post Link to post Share on other sites
buxgoddess 1 Report post Posted January 8, 2009 (edited) Now Mr R Raju in several years paid a lot of money as profits to its shareholders and now ripped satyam of any cash balance. Have you any idea that he actually paid all the money to some shareholders and scammed the rest of their trust and money. Had Mr Raju not cooked the company books, the shareholders might not have got the profits as received but surely the company could have survived. Today even the company is not even a takeover situation as the company credentials and information is not trust worthy without proper external auditing. Lets say the lives of 50,000+ families related to satyam is not doomed. Hope that Mr Raju is jailed for 7 years asper law of the land and GOD save the stakeholders at least for the time being, untill another corporate scandal is found.And Raju just fled India, possibly to US or Dubai, leaving behind a Rs 7,000 crore fraud. Edited January 8, 2009 by buxgoddess (see edit history) Share this post Link to post Share on other sites
xpress 0 Report post Posted January 8, 2009 The biggest Corporate scam in India. It is really a big drawback to our India's corporate companies. And also a big headache for our state (Andhra Pradesh, where Satyam's ho located and native of Ramalinga Raju). And lot of worry for all my friends who are working at Satyam.Recently Satyam is facing a lot of problems after the dropped deal with MAYTAS infra. After the deal was dropped due to the force from the investors and share holders the share value of Satyam lost 30% of its share value, Rs 4600 crores market capital. Everybody thought that Ramalinga Raju will resign to Satyam, but nobody thought that there is a very big economic scam behind this Maytas issue. They cheated all its investors and shareholders. They lost Rs 10000 crores in a single day. And Raju just fled India, possibly to US or Dubai, leaving behind a Rs 7,000 crore fraud.No. As per the newspaper sources, A Europian telecom sued Satyam for forgery and cheating. And Ramalinga Raju fled to Texas to attend the prosecution about that case. Ramalinga Raju already told he is ready to face any punishment and action the Indian government will take.Lets wait and see how our government will handle this case. Share this post Link to post Share on other sites
