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Old 10th January 2009, 13:15   #286
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Big corporates are subjected to Due Diligence from time to time
This saga begun with due diligence that was carried out by Merrill Lynch. They smelt a rat and sent a notification to SEBI which directed them to NSE and BSE.

Next day, Raju came out with statement.
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Old 10th January 2009, 13:17   #287
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Satyamites, STOP worrying. Jan'09 Payroll is taken care of for every associate.cheers:

And, as each month passes, i am confident things will take a definite upswing
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Old 10th January 2009, 14:14   #288
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Satyamites, STOP worrying. Jan'09 Payroll is taken care of for every associate.cheers:

And, as each month passes, i am confident things will take a definite upswing
Thanks for the news Avi. I am confident too that things will improve.
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Old 10th January 2009, 16:29   #289
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AP Police denies SEBI and SFIO officials access to Raju.

SFIO team asked to get magistrate permission to quiz Raju-India Business-Business-The Times of India

Andhra police seek Raju's custody

Looks like buying time to me....Dont you smell some rat here?

Last edited by Digital Vampire : 10th January 2009 at 16:47.
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Old 10th January 2009, 19:45   #290
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AP Police denies SEBI and SFIO officials access to Raju...
Looks like buying time to me....Dont you smell some rat here?
The Andra political heads are certainly involved which is not a secret. With so much of money involved I am sure there might be certain elements who might be making sure that Raju does not spill the whole beans!

He might get made into a scrap goat! Poor fellow. Seems to have got more than he bargained for!
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Old 10th January 2009, 21:39   #291
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Sure it now in the catogory of DSQ or Pentamedia,stop this mentality and hunt the tiger and not the rat.
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Looks like buying time to me....Dont you smell some rat here?
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Old 10th January 2009, 23:24   #292
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Sure it now in the catogory of DSQ or Pentamedia,stop this mentality and hunt the tiger and not the rat.
Incidentally, DSQ (and also Global Trust Bank) had the same auditor - PricewaterhouseCoopers. The Economic Times today has a story on the other prominent clients of PWC and how their share prices are falling.
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Old 11th January 2009, 00:05   #293
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Originally Posted by maranellored View Post
Isn't this news old ? I thought Satyam had gained this contract much before the Maytas fiasco.

Heres a link Satyam outbids rivals to win railway deal

It dates back to 25 November, 2008
Yes and no. Yes, Satyam outbid its rivals earlier as you pointed out. However government has lot many procedures and just winning the bid by itself does not ensure you a contract. Many a times L2s have walked away with a contract on various technical and other grounds.

The actual confirmation came just yesterday when I posted the news.

Quote:
Originally Posted by mobike008 View Post
Satyamites, STOP worrying. Jan'09 Payroll is taken care of for every associate.cheers:

And, as each month passes, i am confident things will take a definite upswing
I know Avi. And if you remember so I told you as well when we met briefly on the ground floor 2 days back.

Satyam is not yet out of the woods but as you said one can be reasonably assured that they are stepping in the right direction. And that is because of the astounding understanding of the associates about the depth of the situation and what is individually required from each of them. By the way the leadership council is working day and night even on weekends to bring the car back on rails and that is reassuring. You will know that if you checked your office mail a while back. :-)
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Old 11th January 2009, 12:43   #294
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Govt appoints Dr Deepak Parekh(HDFC chairman) , Kiran Karnik(former NASSCOM chairman) and C Achuthan(former SEBI member) on the board. New Chairman will be decided by the board in the next 24 hours.

Last edited by Mission_Safari : 11th January 2009 at 12:49. Reason: Edited details
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Old 11th January 2009, 16:19   #295
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I'm thinking of pickign up some Satyam shares. What do you'll think?
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Old 11th January 2009, 17:44   #296
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Firstly, Andhra govt waits and waits and then reluctantly arrests Mr. Raju. Then they deny SEBI an access to Raju, now it wants a seat on the board of Satyam. Why?

Chandrababu Naidu was greatly interested in IT. He wanted to compete with Karnataka. Satyam was the only big thing he had. He used Raju as a poster boy of Hyd IT and paraded him infront of Bill Clinton.

Then came Congress Reddy, who did not believe in IT-BT. He was greatly interested in real estate and land. He also used Raju via Maytas. It is said that Maytas has projects worth 50,000 crores, most of them in one single state, Andhra Pradesh.

Now, both Naidu and Reddy are throwing mud at each other saying you did it.

If there is any lesson for any businessman from Satyam fiasco, I would say, it is not fraud and corporate governance, but it is "Stay away from politics and stay away from politicians" You feel that you are using politicians for you business, but it is always otherway, they are using you for their business.

Now that Mr. Raju is arrested, I hope the truth, whole truth, and nothing but the truth comes out from Mr. Raju. I urge him...

Jeena To Aise Jeena, Sochana Kam Jyada Jeena
Dil Ki Dil Mein Na Rakhna, Than Lo To Kar Gujarna
Hona Hai Jo Hoga Wohi, Say It Loud N Say It Clear Say
Kal Ka Hai Kya Pal Hai Yahi, Life Ki Yeah Philosophy

PS: Today, went to a family function. Everyone there was discussing only Satyam. One guy was saying that Satyam was collecting Rs. 2 lakh from each trainee engineers as a security deposit. Can some Satyamite confirm this. If it is indeed true, then all they can do now is
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Old 11th January 2009, 17:50   #297
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Khanak: As with all gambles, spend no more than you can afford to loose.

For some reason, network issues have prevented me keeping up with this site for last 36 hrs. I was missing the news and interpretation on this thread!

In the newspapers today (so the news must be 24 hrs old already) --- was the arrest just a ploy to escape questioning by SEBI?

I am very sorry for staff, and I see there are more than a few as fellow bhpians, but I have to say that I'm surprised at any company signing any contract with Satyam during these days when the very continued existence of the company must be in doubt. There is no knowing who, at the upper levels of the company and its administration is guilty of what --- in fact, the strangest thing about this affair is that nobody yet knows exactly what the "what" is; nobody yet knows exactly what has happened.

On government support: I wish that the government would look after the wages of the employees, at least for a limited period. Other creditors usually come first in the pecking order, which is sad.

---But then, nobody seems to know if the company has any money, even! Some reports are that the bank accounts are empty; others that staff will be paid. The very first indication of a company with no money left is usually that staff are working for nothing.
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Originally Posted by BomBatt View Post
If there is any lesson for any businessman from Satyam fiasco, I would say, it is not fraud and corporate governance, but it is "Stay away from politics and stay away from politicians" You feel that you are using politicians for you business, but it is always otherway, they are using you for their business.
It is a bit like a relationship with the devil, it seems: he will always win in the end

Last edited by Thad E Ginathom : 11th January 2009 at 17:54. Reason: added reply to BomBatt (crossposted)
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Old 11th January 2009, 18:09   #298
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"B Ramalinga Raju has been arrested and charged under the Indian Penal Code. So he has secured immunity for himself from possible extradition to the United States, where too he is facing criminal charges."

"He can now escape prosecution by any other agency as (the) law bars from prosecution of an accused twice for the same crime."

"By surrendering before the police, Ramalinga Raju has purchased the liberty from facing billion-dollar questions that were to be answered, from various other quarters. In a way the government has saved him from Sebi and also from extradition to the US.
"

Raju may have pre-empted extradition to US

It appears like a smart move worked out by AP Govt & Raju.
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Old 11th January 2009, 18:18   #299
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Originally Posted by BomBatt View Post
... One guy was saying that Satyam was collecting Rs. 2 lakh from each trainee engineers as a security deposit. Can some Satyamite confirm this. If it is indeed true, then all they can do now is
Yup! Seems to be the case. 2 laks from every trainee and a contract! And it seems like Satyam has a lot of such cash collected. No idea what will happen to that! Poor fellow! If at all it happens, it is gone, both cash and job.
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Old 11th January 2009, 18:38   #300
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Some reports say Satyam had collected 186 crores as bond amount.

BTW, bonded labor was abolished in India long back. Bond between employer & employee is legal in US, but illegal in India.

Some provisions in Law:
  • As per the Indian Contract Act contracts entered between two parties if is one sided then such contract would be null and void. Most of the Bonds are one sided.
  • If any person or institute holds back any document or any use any legal document or threatens any legal suits or actions and thus forces a person to perform any act against his wishes or which is illegal or wrong as per the statute of Law of the land.
  • The Supreme Court of India has clearly stated that no employee can be forcefully employed against his will, just because he has signed a contract with the employer.
  • Any complaint on the company would land the Directors and Managing Directors of the company in Jail, as the company is not a actual living entity but legal entity and the management are hands and heads of the company.
Note: Bonds are applicable only if the company has spend money on the personal grooving and enhancement of the employees, but not just a training that helps employees perform better.

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Originally Posted by HappyWheels View Post
Yup! Seems to be the case. 2 laks from every trainee and a contract! And it seems like Satyam has a lot of such cash collected. No idea what will happen to that! Poor fellow! If at all it happens, it is gone, both cash and job.
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