If Only I Had It

HYDERABAD/MUMBAI: B Ramalinga Raju’s admission that Satyam’s books of accounts were essentially a work of fiction is only the starting point of understanding the real story of how the biggest financial fraud in India’s history was perpetrated. Mr Raju’s letter of confession reveals a fraud of at least Rs 7,136.34 crore. But it throws up more questions than it answers.  What has baffled accounting professionals is the fact that a software  [ Read More ]

NEW DELHI: Satyam Computer Services chairman B Ramalinga Raju’s admission he had cooked the company’s books has undoubtedly left India’s fourth-largest software exporter struggling to survive the fallout, but his misdeeds may cast a cloud over the squeaky-clean profile of the entire sector, and by extension, the rest of the Indian corporate sector.  For years, Satyam and larger rivals such as Tata Consultancy Services, Infosys and Wipro were feted as among the  [ Read More ]

NEW DELHI: Even as reports are rife that the employees of Satyam are quitting the company, its top leaders on Thursday pledged to stay on and work jointly to steer the sinking organisation, following financial irregularity disclosures by founder-chairmanB Ramalinga Raju.  “Ten of the most senior executives of Satyam, including interim CEO Ram Mynampati, gathered at its headquarters in Hyderabad, (and) have collectively committed not to resign from the company, which  [ Read More ]