[gkrishn]

IT industry has taken a big "image" hit. Now, start wondering how rest of fab four was showing those excellent results Q after Q.

[theodore_ftw]

Take overs are fine, but the only problem is that the actual value of the company is not known right now. I saw the stocks plummet from INR173 to INR80 in ten minutes when the news broke on CNBC! Now it stands @ INR 40. Moreover Satyam per se may be too big too buy in one chunk. Only contenders are the likes of IBM, HP etc. But with such bad publicity and fraud going around, who would want to buy?

[diabloo]

Thats a mischievous statement. Consumers buy the car, check in & out. Nothing can be hidden. Nobody to cook up the books and fool everybody.

Originally Posted by benbsb29

Slightly off-topic.. take a hint and apply the same logic to the Auto awards as well.

[DKG]

Originally Posted by Rajesh Rawal

lets not forget the man built this place from scratch

and now he returns millions of small time investors to scratch as the stock plummets !!!

[suman]

Absolutely shocking disclosure! I wonder how any Auditor worth their salt would not detect this? PWC are one of the Auditors if I'm not mistaken.

Originally Posted by sanjaymugur

that guy is worse than a terrorist, deserves to be hanged....

Don't forget that he also ploughed in over Rs 1,200 crores of his own money to try & turn the situation around, for all that was worth.

[diabloo]

This country is not ruled by Taliban to have death for every offence. I think this fraud might attract around 10 years of jail. Thats the job of judiciary.

Originally Posted by sanjaymugur

that guy is worse than a terrorist, deserves to be hanged....

[sgiitk]

What were the auditors up to? It is high time that the cosy relationship between the auditors and companies is questioned. May be auditors term should be restricted (to say maximum 5 years), or (as with banks) supplementary audit by auditors chosen at random (not by the firm/board) are asked to cross check the accounts.

[yatinchoubal]

Latest I heard on CNBC profit, about Satyam and Tech-Mahindra Merger.
Im more concerned about Satyam friends.. Poor innocent employees get crushed in such management haseels.

[sj_koova]

Originally Posted by Rajesh Rawal

just finished reading the chairman's resignation letter (quite emotional)..

but guys lets not forget the man built this place from scratch ,we are not the 4th largest i.t company by sheer luck..

i read some strong comments ,like he should be hanged and all (i found that amusing)

Cheers...

Understand your feelings, but remember he did not earn all these in an ethical way. Even an underworld don works hard, builds his empire and employee people.

Think about employees, investors, clients, partners and many more related with this company. Also this company is listed abroad.

This was just the height of greediness and does not deserve any sympathy.

But I wish and pray that only those who have taken part in this crime is punished and every other innocent souls (employees, investors, clients, partners and many more related with this company) are saved.

[sanjayatarizona]

Too bad for the employees at Satyam. The company would lose out on a lot of contracts and indirectly affect the prospects of the people working in it.

On the other hand , who were the Auditors at Satyam. I would like to recommend these folks for the future Audits at my firm as well. They seem to be very co-operative and understand the adage "customer is king"

[anurag_p80]

Originally Posted by Rajesh Rawal

,we are not the 4th largest i.t company by sheer luck..

Well dude, you are right on that front. Took a lots of cooked books too. Whatever be the past record or pedigree of the man, this situation is indefensible. Till now, we have not heard from customers, wait till the US wakes up. And before I forget, is Satyam still the fourth largest IT company? By market cap, certainly not. By revenues, who knows??

Disclosure: I work for Satyam too, and have investments in Satyam stock. Whatever be our feelings about the founder, these actions are indefensible. Let's not even go there.

[amip]

Originally Posted by Rajesh Rawal

Ok ...so i was reading through all the comments posted by all you fine people..

i am employed with satyam ,yes indeed this is a challenging time for us.

just finished reading the chairman's resignation letter (quite emotional)..

but guys lets not forget the man built this place from scratch ,we are not the 4th largest i.t company by sheer luck..

i read some strong comments ,like he should be hanged and all (i found that amusing)

anyways will follow this thread and see the gyan guru's post their fine thoughts...

and yes its not paid holiday for us ,its the real testing times.

Cheers...

I can imagine that this must be testing for you guys Rajesh. Thought the letter was quite emotional myself.
May there be opportunities in this change as well. Good luck!

[benbsb29]

The TOI this morning mentions about the contract which Satyam has with FIFA for the World Cup in 2010. The article mentions they were still backing Satyam.

Considering this news, would these contracts still remain?

[VooDoo]

Originally Posted by suman

Don't forget that he also ploughed in over Rs 1,200 crores of his own money to try & turn the situation around, for all that was worth.

Just a little correction, it is not his money, as per his resignation letter, he wooed investors to get this money which has no trace. Given what he has done systematically over the years, you never know where this 1200 crores went.

[sgiitk]

Originally Posted by benbsb29

The TOI this morning mentions about the contract which Satyam has with FIFA for the World Cup in 2010. The article mentions they were still backing Satyam.

Considering this news, would these contracts still remain?

Forget it. The carnage (not just damage) may spread to the IT industry of India as a whole, if not the entire corporate India.

We need to hang the auditors. Also, go back a few months the ratings agencies S&P, Moody etc did no better. AIG< bear Stearns, etc. were AAA one day and F the next, Some Rating!! Whom do you trust.