Satyam Chairman and MD Resigns

ST7677 · 8th January 2009, 16:44

Quote:

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.

Why nobody is thinking in this direction?
May be the 'holier than thou' confession was to mislead everyone...

Is this going to be another 1st on team-bhp?

But I don't think he would have run away. It must be another sensationalization media thought frenzy...

sammyboy · 8th January 2009, 17:13

Quote:

Originally Posted by ST7677

Why nobody is thinking in this direction?
May be the 'holier than thou' confession was to mislead everyone...

Is this going to be another 1st on team-bhp?

But I don't think he would have run away. It must be another sensationalization media thought frenzy...

Thank you for your kind words ST7677

You may call me Holmes, Sherlock Holmes lol .

appuchan · 8th January 2009, 17:57

Quote:

Originally Posted by kutlee

yes. he has told that he was getting prepared to face the rules of the land (and that he was leaving ) best kanna best!!
madoff, are you listening?

Ha, that rules out the possiblity of him being in the water or air, atleast! Now its much easier to find him, isnt it ?!

TrueDreamer · 8th January 2009, 18:03

Quote:

Originally Posted by IronWolf

This is getting more and more interesting.

Spoke to someone from the media. Speculation is...

1) Dubai
2) US
3) Undisclosed location in India (most unlikely)

Also his letter to SEBI was sent when he was already out of the country.

From what Raju's advocate has informed to NDTV and also from the Press Meet, Mr. Raju is still in Hyderabad and has never gone out of city and was willing to cooperate.

HappyWheels · 8th January 2009, 18:09

The board of Satyam is giving a live Q&A session.

Very interesting and basic questions are being asked!!!

For those with no access to Indian channel, you can watch it online @ CNBC TV18 India - Live Online Indian TV Channel | Bollywood Movies - Mangalore Link

MontyKING · 8th January 2009, 18:18

Satyam's Chief Financial Officer Valdamani Srinivas on Thursday sent in his resignation, dealing a blow to efforts to hold the top leadership team intact.Meanwhile, interim CEO Ram Mynampati said efforts were on to continue with the business as usual.
At a press conference in Hyderbad, Mynampati said Srinivas has sent in his resignation and the Board will take a decision on January 10.

Satyam Computers CFO V Srinivas resigns

Cheers
MK

lambuhere1 · 8th January 2009, 19:00

Was reading the following in the link below

Satyam addresses media: liquidity a concern- Software-Infotech-The Economic Times

However, he also confessed that while the December salaries of the employees have been taken care of, the company is faced with immediate liquidity problem and is looking at raising liquidity from the market

Pray things will turn out well for satyam employees, My heart goes for them. Does it mean the future salaries are in doubt.

It sucks big time.

HappyWheels · 8th January 2009, 19:03

Listening to the session, the new board is giving a "Ooops, was it so bad! We never knew!"

on

Have no idea what the new head Ram meant by "We went by the auditors data"!!! And he being the VP of International Business, he says he had no clue! And he had no answer as to why the board ok'd the Maytas buy without looking at the books, again, no answer!

Seems to be a total goof up!!!!

EDIT: Satyam say that they went by the auditors statements and PWC say that they made the statement based on the data they were provided! Talk about passing the buck, this is a 7,000 Crore buck!

ECM · 8th January 2009, 19:10

Wonderful writeup truedreamer but here situation is diffrent,he cheated investors,board,govt,banks list is long.
Let me give you a straight example We go wild when a petrol pump guy fill less fuel in our tank and do lot of halla gulla then why have a soft corner for this guy?He has commited a bigger offence than this poor chap i.e guy at petrol pump.Just imagine if you have few hundred shares of Satyam in your demat account bought at higher price,I or you may never able to understand pain of those who bought satyam and invested their hard money in it.

Quote:

Quote:
Originally Posted by sanjaymugur

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

Quote:
Originally Posted by sgiitk

We need to hang the auditors.

These are the worst posts i have ever read here on TBhp.

Quote:
Originally Posted by Mission_Safari

How i interpret this is that by showing inflated revenue figures the share price was manipulated which in turn benefited Mr.Raju and family.

Mr. Raju had just 8% stake in SATYAM which has actually turned out to 5.15% as per Economic Times article after pledging of shares and others. So no one can believe he would be foolish to fix the books to gain very small (5.13%) of the company profits.

finneyp · 8th January 2009, 19:15

The Satyam press conf today was a hogwash!

The Senior Mgmt was pretending they knew nothing of this 7000 Cr fraud, as if it was only Mr.Raju & his brother who commited this fraud & they were only aware of it.
Then what these guys were doing in the Board holding Executive positions?
Also most of their answers to the questions posed by media were not convincing with indirect replies.

Mission_Safari · 8th January 2009, 19:20

Quote:

Originally Posted by finneyp

Then what these guys were doing in the Board holding Executive positions?

Only Ram is from the board and the rest are not part of the Satyam board, they are just part of the team trying to sort out this situation and bring some hope.

benbsb29 · 8th January 2009, 19:25

Quote:

Originally Posted by HappyWheels

EDIT: Satyam say that they went by the auditors statements and PWC say that they made the statement based on the data they were provided! Talk about passing the buck, this is a 7,000 Crore buck!

I spoke to a friend of mine who is a CA and works for an auditing firm. He was telling me that when doing audits they dont really have access to all the data, and in a lot of cases they are dependent on the data which are provided to them by the company. Its usually a case of trust which is relied upon, except when some doubt arises.

VooDoo · 8th January 2009, 19:34

Isn't this Ram Mynampati the same guy who was involved in the World Bank scandal and tried to dilute it with false information?

TrueDreamer · 8th January 2009, 19:36

Quote:

Originally Posted by ECM

he cheated investors,board,govt,banks list is long.
.
.
I or you may never able to understand pain of those who bought satyam and invested their hard money in it.

I agree but is hanging Mr Raju the solution ? Also even sending him to jail would be worthless unless the regulators and law wants to set this as an example as this is not going to make any big difference to the investors who lost their hard earned money. They should now look in how to get the operations going on so that the customers do not cancel the contracts and move away. From the press meeting, they say the customers are very much still with them and they should now try to focus on that and try to stop the value of the share from further going down on Friday and save the employees.

Just heard that an arrest warrant has been issued against Mr. Raju by the centre.

HappyWheels · 8th January 2009, 19:55

Quote:

Originally Posted by VooDoo

Isn't this Ram Mynampati the same guy who was involved in the World Bank scandal and tried to dilute it with false information?

I believe he is the same person.

8th January 2009, 18:09	#155
HappyWheels Senior - BHPian Join Date: Dec 2007 Location: Bangalore Posts: 4,145 Thanked: 571 Times	The board of Satyam is giving a live Q&A session. Very interesting and basic questions are being asked!!! For those with no access to Indian channel, you can watch it online @ CNBC TV18 India - Live Online Indian TV Channel \| Bollywood Movies - Mangalore Link
	() Thanks

8th January 2009, 18:18	#156
MontyKING BHPian Join Date: Aug 2008 Location: Noida, India Posts: 87 Thanked: Once	Satyam Computers CFO V Srinivas resigns Satyam's Chief Financial Officer Valdamani Srinivas on Thursday sent in his resignation, dealing a blow to efforts to hold the top leadership team intact.Meanwhile, interim CEO Ram Mynampati said efforts were on to continue with the business as usual. At a press conference in Hyderbad, Mynampati said Srinivas has sent in his resignation and the Board will take a decision on January 10. Satyam Computers CFO V Srinivas resigns Cheers MK
	() Thanks

8th January 2009, 19:00	#157
lambuhere1 BHPian Join Date: Oct 2005 Location: @ Driver's Seat @ Posts: 730 Thanked: 108 Times	Was reading the following in the link below Satyam addresses media: liquidity a concern- Software-Infotech-The Economic Times However, he also confessed that while the December salaries of the employees have been taken care of, the company is faced with immediate liquidity problem and is looking at raising liquidity from the market Pray things will turn out well for satyam employees, My heart goes for them. Does it mean the future salaries are in doubt. It sucks big time.
	() Thanks

8th January 2009, 19:03	#158
HappyWheels Senior - BHPian Join Date: Dec 2007 Location: Bangalore Posts: 4,145 Thanked: 571 Times	Listening to the session, the new board is giving a "Ooops, was it so bad! We never knew!" on Have no idea what the new head Ram meant by "We went by the auditors data"!!! And he being the VP of International Business, he says he had no clue! And he had no answer as to why the board ok'd the Maytas buy without looking at the books, again, no answer! Seems to be a total goof up!!!! EDIT: Satyam say that they went by the auditors statements and PWC say that they made the statement based on the data they were provided! Talk about passing the buck, this is a 7,000 Crore buck! Last edited by HappyWheels : 8th January 2009 at 19:06.
	() Thanks

8th January 2009, 19:15	#160
finneyp Senior - BHPian Join Date: Dec 2005 Location: Bangalore Posts: 2,762 Thanked: 403 Times View My Garage	The Satyam press conf today was a hogwash! The Senior Mgmt was pretending they knew nothing of this 7000 Cr fraud, as if it was only Mr.Raju & his brother who commited this fraud & they were only aware of it. Then what these guys were doing in the Board holding Executive positions? Also most of their answers to the questions posed by media were not convincing with indirect replies.
	() Thanks

8th January 2009, 19:34	#163
VooDoo BHPian Join Date: Sep 2005 Location: CA, US Posts: 59 Thanked: 0 Times	Isn't this Ram Mynampati the same guy who was involved in the World Bank scandal and tried to dilute it with false information?
	() Thanks