Team-BHP - Satyam Chairman and MD Resigns

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- - Satyam Chairman and MD Resigns (https://www.team-bhp.com/forum/gadgets-computers-software/51671-satyam-chairman-md-resigns.html)

This was quite shocking to me, the fraud in accounts, new deals... I wonder the new direction for Satyam

Ramalinga Raju resigns, reveals shocking details

:Shockked:

Admits fraud too :thumbs up

“It was like riding a tiger, not knowing how to get off without being eaten.”

Check out this link, which has an attachment of his letter to the board.

Raju's Letter_to_the_Board.

Scary! The extent of coverup is unbelievable.

Arent the Auditors who signed off these obviously fudged Balance Sheets going to be hauled up? People who pocket large sums of money and bug employees for months before signing off on such large coverups?

Looks like the 'Satyam' was only in the name - everything else was Asatyam.

With the current global economic situation and Satyam's current fate, do you guys foresee the Satyamites coming into the market hunting for other jobs? What would be their chances?

The biggest irony is that Satyam had won the 'Golden Peacock' award for excellence in corporate governance in Sept 2008. And this was not an Indian award -- but a Global award for corporate governance.

How ironical!!!

Satyam receives Golden Peacock Global Award for Excellence in Corporate Governance 2008

Satyam Computer Services limited (NYSE: SAY), a leading global consulting and information technology services provider, has won the coveted Golden Peacock Global Award for Excellence in Corporate Governance for 2008.

Nope. Best bet for Satyamites is to wait. There are many big players, private investment firms waiting for stake in Satyam. Change in management will turn Satyam into different company. New management might 'right-size' the company. Except that fear, its paid holiday for Satyamites.

Quote:

Originally Posted by benbsb29 (Post 1119901)

do you guys foresee the Satyamites coming into the market hunting for other jobs? What would be their chances?

another enron/GM governance. Just finished an interesting read on GM on Bob Suttton's blog. and then saw the satyam news. shocking. friends are buying satyam shares now.

Now the Maytas takeover makes sense.

I guess most IT companies will now come under the radar of SEBI/ITax. In a time when the economy is almost down and jobs are indeed scarce, I really wonder what will happen to the 50k employees of Satyam.

Rs.5040 crores has been inflated in the company's balance sheet which is incrediable. I feel the auditors and the bankers should be hand in glove with this guy. Otherwise inflating of such a whopping figures is not possible. Hope the actual culprits will be booked and tried.

Sensex is reeling at 658 points down due to this.:Frustrati