Respected Members of the Board,
My job has become a double-edged sword
Today I am writing you this letter,
To shed my loads and feel much better.
I’ve been hiding a truth
Which has many facets
So here it goes
‘Satyam has no assets!’
You see, unlike I said before,
We don’t really have 7000 crore.
That cash in fact exists nowhere,
I pulled that figure out of thin air.
It started off as harmless fun
I made eleven from one and one.
But then it all got out of hand,
I swear, from thereon, nothing was planned.
I thought I’d be busted
When those fellows did the audit,
But even they didnt seem to spot it!
Yes, I admit,
I’ve been a coward,
I was riding a tiger,
Trying not to get devoured.
But now it seems
The cat can’t be beaten
So sayonara folks!
Guess I’ll soon be eaten.
I wish this didn’t happen,
I wish it weren’t so bad.
But now that it has,
I’m fleeing to Hyderabad!
That’s all I have to say
Before I pack and go
Sorry for your troubles
Signed,
The CEO.
44 Comments
Ramu
1/12/2009 02:48:54 pm
It appears that Mr.Raju has revealed only a fraction of what he has defrauded.His intention is not only wilful but also suppression of facts in collusion with the Auditors purely for personal gain.Hence he is an economic offender and is punishible to the maximum extent.
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rojesph
1/12/2009 02:50:08 pm
i think Ramalinga Raju dont want his company to be operated by others, he should have gone to hte central govt for bail out , but he did not, he has done a hyneios crime, he is more dangerous than Kasab, he has taken away many peoples dreams, so the punishment would be that he should be made pennyless and keep him live, these type of persons cannot live without a penny single day
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kadeko
1/12/2009 02:51:25 pm
Power corrupts. Absolute power corrupts absolutely. I think Mr. Raju took the investing public for granted. He may have started the company but he should remember that more than 90% of the company is held by others. In such a situation - taking such decisions is tantamount to thumbing your nose to the others. All the reputation built over the years have been wiped out by one stroke of the pen! The buck doesn't stop only at Mr. Raju. What were the other independent directors doing? Wasn't it their duty to do due diligence on what they were getting into? I think they are equally responsible for not honestly and openly securing the interests of the small investors. I don't agree with some of the comments above that mention that it was ill-advised and not ill-motivated. If the directors of such a large company do not have the capability of knowing what is right and what is wrong - they should not be there in the first place. I feel that the investors should change the entire board. It is very difficult to regain faith - once lost. Every decision will be so much debated from now on that it would be difficult run business in a simple and smooth manner
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Sumits
1/12/2009 02:52:14 pm
No I don't think so. Satyam is a big group and perhaps Raju's moves are well intentioned. Media and company enemies are to blame for this anti-propaganda.
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pranee
1/12/2009 02:52:56 pm
i dont think so..although there wwould be effect in short team.I think satyam has interest to extend it's vertical business in line of infrastructure.This acquistaion would have helped maytas immediately but in long run satyam would have certainly made good profit .The only concern is the valuation of maytas .had valuation done according to the current market then situation would have been different.
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Ragav
1/12/2009 02:53:30 pm
Absolutely, this is a classic case of putting family ahead of business / company
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Arguv
1/12/2009 02:54:28 pm
Sorry but it is easy to make such comments unless one is well informed. Which non-governmental company in India is not family based and what wrong is Satyam doing if they want to expand and diversify? What business synergies, for example, have the Tatas between VSNL and Tata Refractories? Man, know what you are saying before throwing filth!
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Useran
1/12/2009 02:55:12 pm
Personally, I think that the Satyam-Maytas deal is an excellent way of boosting Satyam's productivity and performance, the reason being the high potential of Maytas Infra given the Hydearabad Metro rail project. The only reason there has been immense investor protests and conflicts is because of the time-frame. I am sure that nobody would have revolted considering that Infra. was in the phase of a boom just 1 year back. The combined effect of the time-frame and "the same promoters" has misguided people to think of this deal in a very wrong way. The media has over exaggerated it, giving a wrong impression about the company. Judging from the past and the promoter's contributions, it is a great success. Hence, I would urge investors and other people who are unhappy to give it time, and just wait for things to settle. Need to get on the real guys!
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umasch
1/12/2009 02:56:05 pm
The very fact that Mr.Raju himself announced and faced the ire says that he didnt want to hide. I think this is a classic case of misjudgement. I feel the management was ill-advised rather than ill-motivated. Otherwise, they wouldnt come in open and backtrack the deal. Everything has a first and it had to be Satyam this time around. Now that the cash is intact, there's more to the Satyam story
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rajanr
1/12/2009 02:56:54 pm
No i don't think so. Even though it's a bad move from satyam they recognized the mistake and the satyam people had taken the right decision controlling further damage.I hope that Mr Ramalinga Raju will come out with a wise move this time with the cash reserve on 29'th. I think bye back of share's is not at tall a good decision.
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Guru
1/12/2009 03:06:19 pm
The simple answer is Yes. That guy is a big fraud.
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Savitha kumar
1/12/2009 03:08:08 pm
How u know Guru? Dont think ....
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Guru
1/12/2009 03:08:37 pm
Hay How u know... I am also woring in Satyam.
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Infosys
1/12/2009 03:12:56 pm
Hay I am Happy Now. This is the biggest victory for this competition world.
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Rajashekhar
1/12/2009 03:16:45 pm
Andra is really Hurt.My 20 share was gone. I bought 20 shres in 460 rates. now rates are going in 33.85 rsas per day. bladdy Raju.
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Prash
1/12/2009 03:25:10 pm
Satyam Fraud and intelligence of Ramalinga Raju:
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Ramana
1/12/2009 03:26:24 pm
By not booking purchases or overheads. Companies try to inflate profits by not booking purchase of material or overheads: This again has to be covered up in the subsequent year when the creditors are to be paid. (Some of the ways in which the Auditor can find these include, comparison of the purchases with physical stock, quantitative tally of stocks and consumption, trend analysis of overheads between two periods, obtaining creditor’s confirmation, bank reconciliation statements to check for amounts paid but not accounted in books which will be hanging as a difference between bank balance as per books and as per the bank statements for a given cut-off date)
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Ajay
1/12/2009 05:08:04 pm
Satyam Employees and their team has planned to some shopping complex,sweet stalls,bakery shop in satyam computer placed.
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Cara
1/12/2009 05:20:58 pm
Satyam Struggle to keep Customers
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Satyam Revenue
1/12/2009 05:25:58 pm
Revenue by region (%)
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Board Meeting Overview
1/12/2009 05:28:06 pm
A very good evening to all of you.
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Satyam Services
1/12/2009 05:33:45 pm
Aerospace and Defense
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Nagesh
1/12/2009 05:41:33 pm
Do you know Still Satyam Recurting every day. Check this link
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Sanjay Jha
1/12/2009 06:37:49 pm
Thanks Venkat for opening this website, Very important development. I think this is first time corporate India's fraud has been detected. There are many such companies who openly defies the law and use their company as personal fiefdom. At least Satyam saga will open the eyes of Indian regulators. This is India's biggest corporate fraud.
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Raguram
1/12/2009 06:38:58 pm
I checked the US GAAP statement prepared as on 31 March 2008, it shows a very clear statement saying bank deposits of about Rs 3400 Crores. If that is that case there are only two options possible:
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Ravindra S Adil
1/12/2009 06:39:37 pm
Dear Raguram,
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Paschen
1/12/2009 06:41:02 pm
Well done good post. This is important news in deed
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Vedant
1/12/2009 06:43:58 pm
Bank Confirmations is a regular procedure, therefore it makes it clear that either the bankers had colluded with the Company or auditors overlooked the procedures. However the possibility of fudging the confirmations can not be ruled out.
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gulu
1/12/2009 06:44:41 pm
Indian Stock Market has sharply reacted to resignation of the chairman of Satyam Computer Services. The Share prices of Satyam computers a Fortune 500 companies, tumbled on Wednesday after disclosing major accounting irregularities. The Share prices have gone down to 77 percent.
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vigyan
1/12/2009 06:50:38 pm
Hi Guys and Venkat
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derese
1/12/2009 06:59:33 pm
Satyam’s Raju under fire over failed Maytas bid. Satyam’s image tarnished in market. Raju may be thrown out by investors.
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Asmath
1/12/2009 07:19:34 pm
He is in Jail. He got lot of money.
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Rajaram Lakshman kuppuramaseshan
1/12/2009 07:23:02 pm
Media Fully against Satyam.
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Ganesh
1/14/2009 05:59:17 pm
Hi I am Ganesh. I am working in Wipro.
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I am not a Fraud
1/15/2009 11:14:24 am
Satyam CEO Confesses to Accounting Fraud
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IPS Kalyan
1/18/2009 05:18:33 pm
T N Manoharan named Satyam's new Chairman.
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Ojaaaaa
1/18/2009 05:21:11 pm
Ha ha Ha ..... Ramalinga Raju Enjoy his life in jail with safe and Secure. But we are in Road and Scolding him.
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Deepak
1/18/2009 05:24:43 pm
Satyam Computer Services Limited (NYSE: SAY) today said that it welcomes the Ministry of Corporate Affairs’ appointment of three distinguished members to a newly formed board of directors for the company.
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L & T
1/20/2009 02:42:40 pm
L & T Going to buy the Satyam Computers...
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Jasuruthin
1/20/2009 02:46:00 pm
maytas have 6800cr Value land as today rates in and around only hyd.
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Abusali
1/20/2009 05:17:55 pm
Ramayinapatti now is in US.
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Manoj
12/15/2009 12:24:09 am
Hi What happend for this site
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11/12/2010 11:47:21 am
Enter in sludge but don't dye, Unaffected by bourgeois sugar-coated cannonball erosion, Is the most valuable revolutionary qualities.
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