Satyam scam: The mega corporate fraud

January 25, 2009 by admin
Filed under: Finance 

Ramalinga Raju and his brother Rama Raju, accused of committing a Rs40 billion fraud that threaten to shake the very foundation of Satyam Computers, are in jail. The government had appointed Tarun Das, T N Manoharan and S Balkrishna Mainak, on Satyam’s board, which already had Deepak Parekh, Kiran Karnik and C Achuthan.
The three-member director board constituted by the Government has got down to brass tacks. The Government has further offered financial support to bail out the beleaguered Satyam. The 50,000 odd employees of Satyam find themselves at sea, with some IT majors deciding against hiring displaced Satyam staff. There are fears over the adverse fallouts of  the Satyam fraud on the international reputation of  the exports-driven Indian IT industry. The picture is getting curiouser  and curiouser by the day.

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