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Satyam

 
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Sanskrit : Satyam Shivam Sundaram
English : Truth is God and God is beautiful
 
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you naughty boy
 
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Maytas
 
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Please provide an English translation (as Chetan did) or the post may be deleted.
 
Vikas Kapoor
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David O'Meara wrote:Please provide an English translation (as Chetan did) or the post may be deleted.

You can search on the internet. It's a name of the company. :P
 
R K Singh
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Satyam is a name of IT company which is in (great)trouble since yesterday. It is the 4th largest IT company in India with Employee strength up to 53000.
Satyam had also step-sister company named Maytas (opposite/palindrome of satyaM). When CEO of Satyam wanted to acquire this Maytas legally then this scam came in to light.

This, one of biggest corporate fraud in India, is being compared with Madoff and Enron.

Snap shot of story can be found at:
http://www.financeasia.com/article.aspx?CIaNID=92268
http://www.pluggd.in/indian-it-industry/satyam-maytas-deal-palindrome-syndrome-3442/
 
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Vishal Pandya wrote:

David O'Meara wrote:Please provide an English translation (as Chetan did) or the post may be deleted.

You can search on the internet. It's a name of the company. :P



fine
 
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:roll:
 
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chetan d d dynamic wrote:

Vishal Pandya wrote:

David O'Meara wrote:Please provide an English translation (as Chetan did) or the post may be deleted.

You can search on the internet. It's a name of the company. :P



fine



"Chetan d d dynamic"
Welcome to the ranch. We are happy to have you here.
On your way in, looks like you missed out on our naming policy which says that your display name should consist of a first and last name and should not be obviously fictitious.
Could you please adjust your screen name to comply to the same?
Thank you.

 
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A corporate truth has been unfolded. I wonder whether Sathyam would exist or not hereafter!
 
Sujai Kaarthik
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Raju says "I am ready to face any legal actions against me". He also says that aquistition of Maytas would have solved this problem.
 
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Some times situations make us go for wrong things.

Until yesterday A person who is the founder of the 4th biggest company in India , a visionary , a man of idea
who created jobs for 53000 people is now accused of fruad today.

He is even a philanthropist
 
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What I read was Raju was fond of land.With the help of Naidu and now Reddy he made huge money by selling land which later became his obsession.In every state more or less businessmen/politcos run the same policy.Purchase the land at cheap rate,introduce policies/initiatives for Business Parks/IT Parks/township and when rates go up, sell them at >300% profit margin.Its lucrative than IT/retail/hotel business.
 
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The news about Satyam has come to this Meaningless Drivel. What a shame!
 
Chetan Parekh
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Raju Raju
Yes Papa
Cheating us
No Papa
Telling Lies
No Papa
Open the balance sheet
HA HA HA

 
Sujai Kaarthik
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We should feel ashamed of having such frauds. Lets hope its a one-off
 
Mandar Khire
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I am not from that field so i have one problem
When i read balance sheets many companies in many news papers. but how we can understand that are true. means from this incidence i suspect every balance sheet. :?:
like we understand Intel original board due to its logo on board. or any bank website due to security certificate! how i believe on balance sheets! :!:
till few days ago i assume, they give their details to reputed new paper means they are saying true!
No i suspect every company!
 
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Well it being one of the biggest frauds in India, the Chairman and CEO is still sitting home without any action..
 
Vikas Kapoor
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Ravikanth kolli wrote:Well it being one of the biggest frauds in India, the Chairman and CEO is still sitting home without any action..

Not really...
 
R K Singh
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Mandar Khire wrote:but how we can understand that are true.



I heard another day on NDTV Profit that there are three rounds of audit for balance sheet.
One has to be outside, independent audit, in this case it was priceWaterCooper company who did audit.

I dont blame Raju. He was the actual owner of Satyam, and now he wanted to buy Maytas (for what-so-ever reason). He was denied this by people who dont own the company.

He did what any person would do if he is denied of his own income.

He destroyed it and ready to face laws of the land. (I wish he absconded, but alas ...)

I dont see anything wrong in what Raju did.
 
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He owns a small stake of 8 - 8.5 % which is now down to 3% . If he had wished to own it and control its direction he should have retained a stake of 70-85 % like azim premji does in wipro. The suggestion that he did nothing wrong defies logic .

regards
 
Joe Harry
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R K Singh wrote:

Mandar Khire wrote:but how we can understand that are true.



I heard another day on NDTV Profit that there are three rounds of audit for balance sheet.
One has to be outside, independent audit, in this case it was priceWaterCooper company who did audit.

I dont blame Raju. He was the actual owner of Satyam, and now he wanted to buy Maytas (for what-so-ever reason). He was denied this by people who dont own the company.

He did what any person would do if he is denied of his own income.

He destroyed it and ready to face laws of the land. (I wish he absconded, but alas ...)

I dont see anything wrong in what Raju did.



Like the above post says, it is your own money when it comes to you holding 80 to 90 percent stake. You were not in a position to hold high stakes and just for the reason that you founded it, will it be wise to do what has just happened? It's now not your money and any misappropriation of such a huge investors amount is punishable.
 
R K Singh
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If he owned only 8% then why only he was held guilty?

I can think of his struggle back in 1987 to start IT company.
He made that company to be 4th largest IT company in India.

He created it and now he destroyed it. (for me, for valid reasons)

An artist must have right to destroy its own creation.
 
David O'Meara
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The threads have converged, so I am closing this version.
Please see https://coderanch.com/t/425217/Jobs-Discussion/Indias-MadoffSatyam
 
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