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| Satyam Fraud |
Dear Moderator
Satyam Fraud is a clear case of in-disproportionate greed of Satyam Chairman and undue desire to retain control of the company with minority shareholdings by hooks or by crooks, complete failure of good corporate governance, failure of exercising due diligence by independent directors/ institutional nominees, failure and perhaps connivance of company's Auditors in not detecting and reporting a fraud of such a magnitude and manipulations in books of accounts and failure of regulating agencies like Company Affairs Department,GOI and SEBI.
Satyam Fraud is the blackest day of Failure of Good Corporate Governance in Indian Corporate History, especially in IT industry and it will take much longer time to re -establish ourselves both in Indian and International markets.
As usual, inquiries are being ordered/ conducted into the whole fraud and the bug will be passed on to system failures, due diligence not being exercised by board members, Auditors, etc.
Need of the Hour is to complete the inquiry at the earliest, fix responsibility, take prompt and exemplary punitive action against Satyam's Chairman, MD and other concerned Executives, Board members and Auditors and corrective follow up policy and regulatory steps.
The biggest challenge is as how to save the business of the company and secure the interests of its more than 50000 employees and other stake holders.
Thanks and regards
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