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Saturday, January 10, 2009

Satyam....An Indian Enron?

Nobody needs any info on the whole fiasco anymore...Over the past few days most of us have been either glued to the television or have been vigourously readin' a whole lot of stuff on how Satyam, one of the top companies in the IT sector managed to hoodwink not just the shareholders n stakeholders but have shocked an entire world by admitting to one of the biggest frauds in recent times!

Satyam...A company which boasts of some of the best Clients in the world of IT...a company which was responsible for settin' up the first 64kbps line for the common man in India...a company which has been one of the faces of the new emerging India that has given serious competition to the so called 'Developed Countries'...A company which proudly constituted the big-5 of the Indian IT sector...well, the list goes on...

Well,who would have thought that the fall would be so drastic that it is bein' talked about as 'Indian ENRON'...!!!! Does it really deserve this??? No Mr.Raju, we always loved Satyam!!!!

The CEO has been arrested,Enquiry Committees have been set up to carry out a probe,questions have been raised on the auditors role, It has been banned from NIFTY n BSE,other companies have come out strongly stating that Satyam is an isolated case and this event doesn't reflect the image of an Indian IT Industry...But well...Is the world actually listenin'????

Only time will tell......

Regards,
Amari

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