In the Satyam event the ex-Chairman and the once blue-eyed boy of the
IT world himself admits that-
"The Balance Sheet carries as of September 30, 2008 Inflated
(non-existent) cash and bank balances of Rs.5,040 crore (as against
Rs. 5361 crore reflected in the books) an accrued interest of Rs. 376
crore which is non-existent, an understated liability of Rs. 1,230
crore on account of funds arranged by me and an over stated debtors
position of Rs. 490 crore as against Rs. 2651 cr. reflected in the books."
Again the man whose conscience suddenly feels cleansed after having
abrogated it from the burden he had been carrying so far has admitted
that-
"The gap in the Balance Sheet has arisen purely on account of inflated
profits over a period of last several years".
As if it was not enough, Raju also admits that- "The aborted Maytas
acquisition deal was the last attempt to fill the fictitious assets
with real ones".
Does his crime get over by his saying that- "neither myself, nor the
Managing Director (including our spouses) sold any shares in the last
eight years — excepting for a small proportion declared and sold for
philanthropic purposes." Or do we believe his words – "neither me, nor
the Managing Director took even one rupee/dollar from the company and
have not benefited in financial terms on account of the inflated results."
What more important, disgusting, threatening, damaging and dangerous
event would we have hoped for during these periods of global market
meltdown where this single event is going to make a huge impact at an
international level because as we all know, Satyam was a customer to
many an International giants (including 185 of the Fortune 500
companies) as also catered its services to the US government, the
World Bank etc, to name only a few. It was listed on the NYSE (New
York Stock exchange) and thus has added a heavy global colour to the
entire episode.
The immediate impact has been a loss of nearly 9500 crore to lakhs of
investors and a possible job-curtailment of about 53,000 employees.
The other director and indirect fall-outs are many and severe.
As the law of the land says, whatever Raju and his men have done
clearly abrogates many of the criminal provisions and thus get
themselves open to immediate legal action. Any delay in this will only
be sending more bad signals to every concerned party- the investors,
the corporate world, the FIIs, the global business world and also the
common masses. While the investors seem to be slowly reconciling to
the fact that they have lost their hard-earned money to the fraud and
cheating of one man ( who framed and cooked everything with the aid of
some his accomplishes), whatever gets recovered through fast action
and given back to the investors would act as a great reprieve and
would also help in building faith in the system. At the same time,
punishing a man who has himself admitted that he is " now prepared to
subject myself to the laws of the land and lace consequences thereof"
is what must be seen to the priority of the day.

Amitabh Thakur

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