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Old 9th January 2009, 18:05   #256
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anyone who intends to buy satyam, will not make a move till it is free of liabilities or it is clear what the liabilities are. Once that is done, there maybe some contenders, L&T for one I hear maybe interested
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Old 9th January 2009, 18:26   #257
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Originally Posted by Zappo View Post
Amongst all the rubble strewn around Satyam employees got something to cheer today. They bagged a new contract from Malaysian Airlines. And Malaysian Airlines has insisted that the whole team needs to be onboard by Jan 12.
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And now some further cheer for Satyam associates. Satyam bagged India Railways' (CRIS) Enterprise Asset Management system order today which is worth 2000 crores. Its a pilot order as of now but if Satyam delivers then they get to implement it across the country for IR.
Satyamites

Guys, please let us not jump to conclusion and call names on Raju. I feel very sad when ppl compare him to the likes of Dawood Ibrahim.

Investigation is still going on. He has not even been arrested yet. Nobody knows where he is. It is said that the letter supposedly mailed by Ramalinga Raju has not been signed by him. What if somebody has kidnaped him and faxed those letters? (I hope and pray to god that something like this will emerge and Raju will come out of it clean).

Let us not forget that he created and run this great company "Satyam" for 21 years. He has contributed greatly to Indian IT sector. And until few days back he was a visionery.

As for the employees losing their job, let us not forget lakhs of people (considering 50,000 employees and their family) earned their bread and butter in this very company for years. And with the skills that they have acquired, I am very sure, they will survive through this bad times.

All I am saying is let the investigations be over and if found guily, let him be punished accordingly. But please don't call him criminal and say hang him, guys, please ( I am getting every emotional)

Also, don't call Satyam a tainted company. The people who have done it are tainted.

PS: I am not a Satyam associate but associated with Satyam through stock markets and have earned quite a number of money in the past. Satyam, I owe you cheers:
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Old 9th January 2009, 18:35   #258
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All I am saying is let the investigations be over and if found guily, let him be punished accordingly.
+1 to that. Zappo, thats the best news I've heard all day.
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Old 9th January 2009, 18:38   #259
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Satyam's balance sheet shows 3317.70 crores in deposit accounts and 956.29 crores in current accounts in scheduled banks. The money held in non scheduled banks was Rs 179.78 crores.
Before the audit firms sign-off, they would have surely verified these.

Here is one possibility:
First Mr Raju tried to take out money through Maytas deal. His move back fired and he lost his equity stake! Now is trying to decamp with entire cash (now in black) saying that the funds were on account of fudged balance sheet.
His confession is a red herring to divert attention.

Satyam has paid a tax of 226 crores. Now if Satyam' profits were inflated, they have paid taxes for what they havenít earned.
So will Govt return the taxes?
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Being in Audit field, I know for the fact that the methodologies used by PwC are among the best in India, the kind of frauds Mr. Raju has claimed could easily have been identified and qualified, there is definitely more than what the public can see at this moment.
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But why o why the public, corporate & govt. ire is not directed at PWC as much as I think should have been?
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Well i have a different theory I think this guy might not have fudged the books, he simply siphoned off all this money showed it as inflated books, bribed the right guys and ran off.
I know I know been reading too many spy novels
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Old 9th January 2009, 19:12   #260
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lot of Soft corner for Satyam & Raju ....

either way you look at it he has done a fraud.... if you just look at the interview where Raju was branding about SATYAM & origin of the name, will send chilling message to spines as it is the same kind of style other CEO's talk as well...
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Old 9th January 2009, 19:13   #261
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It is said that the letter supposedly mailed by Ramalinga Raju has not been signed by him. What if somebody has kidnaped him and faxed those letters?
Even if it was signed it may have happened the following way.

The kidnappers kidnapped Raju & asked him to sign the letter.
Raju refused. So the kidnappers threatened him with death unless
he signed the letter. The brave man that he his, he said "Main Maut sey nahin darta.
Mera imaan mujhe jaan sey jyada pyara hain".
So they then tied him to 2 pillars & blindfolded him.
Then they kidnapped his wife & broke some bottles & asked her to dance
on the bottles. They told her that unless she dances on the broken
glass, they would kill her husband. She started dancing on the broken
glass & her legs were bleeding. Then they opened Raju's blindfold &
let him see what was happening. He saw this & shouted "Mat naach
in kutton ke samney" & immediatelly signed the letter.

I am here all night - you all can keep the applause coming.
I may later on write about how Raju wooed his wife
by threatening to jump from the top of the water tower.

Last edited by carboy : 9th January 2009 at 19:15.
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Old 9th January 2009, 19:22   #262
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Carboy, that is in very poor taste....
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Old 9th January 2009, 19:31   #263
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Carboy, that is in very poor taste....
+1 to that. Mockery of a crisis can never be in good taste.
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Old 9th January 2009, 19:38   #264
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India isn't a failed state where CEO of a multi-bullion dollar company is kidnapped and ransom amount demanded.

The story is:Satyam hired DSP Merrill Lynch to mollify shareholder outcry, after the fallout of Maytas deal.

When DSP ML start digging the records, they found fishy deals and asked Satyam CEO to explain. This was on Tuesday night. On Wednesday morning, Satyam CEO confessed.
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It is said that the letter supposedly mailed by Ramalinga Raju has not been signed by him. What if somebody has kidnaped him and faxed those letters?
'Satyam fraud: Not a one man show'

"It defies logic, one is not sure whether there is much more to it than is written in the letter and whether the letter contains all the facts," KPMG Chief Operating Officer Richard Rekhy said here on the sidelines of a CII function.

It is too simplistic at the moment to believe that the kind of thing that has happened in the company is done by Raju alone, he said.

"It requires a whole battery of people to advance those accounting entries and credit those because you have to involve other people as well like bankers to get those certificates," he said.

When asked whether Raju might have siphoned off funds and he is now admitting to lesser crime, he said it is quite possible but it could be known only after investigation of group companies. "

Last edited by diabloo : 9th January 2009 at 19:39.
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Old 9th January 2009, 19:39   #265
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A lot of debate has been going out in this topic. A friend of mine tried matching the audited accounts of satyam and changed the figures as stated by the letter, the new balance sheet that comes up shows a lovely figure. The company is in the red with negative figures. if anyone wants to view the same, please feel free to pm me, i also have a scanned copy of the letter.

I am in the auditing line of work. Let me shed just a bit of light on the entire scenario. The auditors for this particular company as most people know were PWC ( one of the four biggest Ca firms in India as well as abroad ). They have substansive audit procedures. However this is the second time PWC's audit has come under the scanner, the first was Global trust bank. Point being the chances of negligance usually in a firm of that level is low. There are various alternatives, however pwc issued a statement saying that it has all the required working papers to show that it had taken reasonable care.

An auditor usually relies on data provided by client for his findings, there are specific standards and compliances that are required to be followed while the audit is in progress. The role of an auditor is to as far as possible after complying with all required processes, certify with reasonable care the authencity of the accounts. The auditor is NOT a mechanism of fraud detection though that comes out often while detecting the true and fair nature of the accounts. Yes. the auditor can depend on management representation, but not totally blindly.

In this case however , we are talking about over 5000 crores of cash / bank balances dissapearing off the balance sheet. Besides that the debtors are overstated , and various other things have come to light. It is difficult to belive that over so many years, discreapencies in so many areas did not come to light. Specially considering the fact that banks provide account confirmations even for Fds. Besides, none of the reports had any qualifications in them ( adverse comments). Qualifying the reports had saved PWC during the GTB scenario.

The story is a lot more complicated than what it started out as, and the whole finance community is following the proceedings. What went wrong we will know as events unfold. There is a lot more to tell, and new channels are even saying things that are unbelivable. However the companies networth being in red, it seems to be a bad buy. It is trading overseas also. The consequences are going to be far reaching.

This should probably lead to a lot more detections in the near future.

Oh about the Maytas deal, the aquisition in question was a company with a large land bank, something that can easily be over valued as its price is always subjective. This would have solved most of the problem as cash outflow would not be there. Besides one man cannot do this himself. Whatever has happened is in the accounts. ANd no companies chairman passes journal entries in the books of accounts.

Besides a company with a negative net worth, a tainted name and a huge payroll is not a lucrative investment. Period.


( my earlier post is awaiting approval so had to make another one)
Besides, forget the tax paid, we can just think about how much he will loose in law suits.

The outcry is toward the fraudulant person itself, not towards PWC not yet, PWC might still prove its delligence.

Last edited by Zappo : 9th January 2009 at 23:38. Reason: Please do not make back to back posts. You need to wait for your previous post is approved.
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Old 9th January 2009, 19:49   #266
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+1 to that. Mockery of a crisis can never be in good taste.
Where did I mock the crisis? I am mocking the idea the he was kidnapped & that someone else sent the letter.
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Old 9th January 2009, 19:54   #267
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Originally Posted by carboy View Post
Even if it was signed it may have happened the following way.

The kidnappers kidnapped Raju & asked him to sign the letter.
Raju refused. So the kidnappers threatened him with death unless
he signed the letter. The brave man that he his, he said "Main Maut sey nahin darta.
Mera imaan mujhe jaan sey jyada pyara hain".
So they then tied him to 2 pillars & blindfolded him.
Then they kidnapped his wife & broke some bottles & asked her to dance
on the bottles. They told her that unless she dances on the broken
glass, they would kill her husband. She started dancing on the broken
glass & her legs were bleeding. Then they opened Raju's blindfold &
let him see what was happening. He saw this & shouted "Mat naach
in kutton ke samney" & immediatelly signed the letter.

I am here all night - you all can keep the applause coming.
I may later on write about how Raju wooed his wife
by threatening to jump from the top of the water tower.
All of us wish well for satyam not because all of us are followers or Ramalinga Raju (some might be), but because some of the best minds in the country are facing a lot of uncertainity. 53000 families at risk is not small.

I dont mean to take the side of Ramalinga raju by any chance. I dont know what exactly happenned. I am not able to appreciate him being ridiculed simply because of the uncertainity that a large no of FAMILIES are facing.
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Old 9th January 2009, 20:11   #268
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Where is our media heading to? Always looking for masala information and most of it is turning out to be false. They always mention that 'sources' tell us this and that. Who are these 'sources' ? Whenever people are talking of stocks, they are asked to make a disclosure whether they own positions in that stock. Why can the same be done for these so called 'sources'.

I feel everyone should wait for the truth to come out rather than trying to spread wrong notions. The media is trying to bury a company which is still alive. And as the previous posts point out, business IS going on.

Xerox had a huge accounting scandal earlier, arent we using xerox photocopiers? Not even one newspaper is carrying out information where companies have come out of accounting scandals.

Whether company goes down or not is a different matter, but a media trial and judgement is not appropriate at this juncture.
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Old 9th January 2009, 20:19   #269
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OMG ! I did not mean he is kidnaped filmy style.

Even if he has done a fraud, there are number of people behind it.

There is politics behind it. There is land mafia behind it. Whether Mr. Raju himself is land mafia or just a scapegoat, nobody knows. Very fact that even after 48 hours of the release of letter in which he has confessed to the fraud, he has not been arrested and they give a filmsy reason that nobody has lodged a complaint.

Please understand, with dirty politics involved, anything is possible; kidnap, murder, suicide, drama; howsoever filmsy it may seem.

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India isn't a failed state where CEO of a multi-bullion dollar company is kidnapped and ransom amount demanded.
Diabloo, if not failed state, soon it will be, if things continue like this. Look around you. Gang rape in national capital region, daily acid attacks, everyday political scams, selling of election tickets, crores of rupees being thrown inside the parliament, lakhs of innocent people getting killed by terrorists for years, parliament filled with hard core criminals...

It is said that in India you cannot do honest business. When whole society and system is rotten, one Ramalinga Raju gets caught, probably because he was a bit less smart.

Last edited by Zappo : 9th January 2009 at 23:41. Reason: Please do not make back to back posts. Use Multiquote and Edit buttons as appropriate.
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Old 9th January 2009, 21:27   #270
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The trainee employees are most vulnerable as they had deposited Rs 200,000 each as security while joining the company. Sources say Satyam had collected a whopping Rs 140 crore (Rs 1.4 billion) from such trainees during the past two years. With the company facing financial crunch, the employees are not sure if they will be get back their deposits.
Raju to meet Sebi officials on Saturday

is this true ?
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