Wednesday, January 07, 2009

Satyam tainted…

One of the greatest setbacks for the IT industry a horrifying moment for the stock market.. Satyam chief B. Ramalinga Raju played around with 7136 crores to reduce his company to shambles !! Angry

In what has been one of the most horrifying moments for the IT industry, in this case, the company may even cease to exist..leave alone the jobs of its 53,000 employees!! Having manipulated the balance sheet for the past seven years.. its chilling to even imagine how the icon of our Indian IT industry have reduced any existing image of everything around him, leaving employees, investors and people to utter disbelief .. Surprised

God knows what’s in store for Satyam and it’s employees..heard talks of IBM buying them. But it should come as a blessing to them if IBM does finally make the deal..even after all these..taking the responsibility of 53,000 new men..

Hope this case be investigated and handled in the strictest way possible so that the future doesn’t have something like this in store for us..Who knows who may be next. Just wish this is the first and last of its kind. Crying

15 comments:

  1. Rahul : here are a few companies where PWC is an auditor these are all BSE 500 companies :

    Arshiya Intl
    Bayer CropScien
    Bosch
    Colgate Palmoliv
    Coromandel Fert
    Cummins India
    Entertainment Nt
    Gateway Distpark
    Glaxosmit Pharma
    GlaxoSmith C H L
    Glenmark Pharma
    GMR Infra.
    Graphite India
    Guj Gas Company
    HCL Infosystems
    HCL Technologies
    Hinduja Ventures
    Info Edge (India
    Infotech Enterpr
    Ingersoll-Rand
    Jagran Prakashan
    Kesoram Inds.
    Lanco Infratech
    Marico
    Maruti Suzuki
    Mastek
    Max India
    Mcleod Russel
    Moser Baer (I)
    Motherson Sumi
    NDTV
    NIIT
    NIIT Tech.
    Novartis India
    Piramal Health
    Piramal Life
    Rain Commodities
    Religare Enter
    Satyam Computer
    Simplex Infra
    T.V. Today
    United Breweries
    United Spirits
    Usha Martin
    UTV Software
    Wyeth




    So if you get more SHOCKS !!!!! dont say I didnt warn you !!!!!

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  2. God!! There's bound to be more discrepancies then considering how PWC overlooked the recent developments!! Just hope the magnitude is smaller now...

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  3. Hi Rahul :)

    Horrifying news. The perpetrators this unforgivable crime should be given exemplary punishment immediately.

    Best wishes :)

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  4. Yeh.. exactly.. Its a grt shock!!! I have one friend who was selected in satyam but dont know wht will happen now...

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  5. I do hope takeover is kept as an option to revive the company, which might be any time soon. Let's wait for a month and see.

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  6. tnxx for stopping by my blog. I hv a qn for ya..come n read my reply to u.

    Keshi.

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  7. Like I had my say on that ........

    Is it their bread n costly butter which makes them do this ?? ....... Expected !!!

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  8. @Rahul
    I still believe they didn't take a paise out of that..hope this is the truth :)

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  9. well there is a saving grace i beleive its a knowledge based industry and the Satyamites have the same grey matter with them today as they had 4 days back

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  10. yaar m just out of words..i hate all dese...again dis pwc wot it was doin 4m a long b4 nobody never knows..and dose relatives who r dere in satyam r afraid whether dey ll get da jan salary or not..indya's enron scandal...huh!!!!

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  11. @hitch writer...oh gosh!! wot da heck...now m fully assured dat dese companies mussa bin related 2 sum fraud even..dese r nt reliable exactly.....

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  12. Rahul it ok...ur forgiven :) Read my latest reply to ya.

    tnxx!
    Keshi.

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  13. My PWC (Industrial Training) dreams - shattered (for the time being..!!!!!!!!

    :(

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  14. all Satyam employees....now make ur ass rock-hard coz u'll b gettin a blow soon!!!!!!!!

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  15. No company is reliable..everyone does some sort of misappropriation or the other, thanks to the help from their auditors (Who are infact supposed to prevent such things, but dont!!) and the political clout. Why not? Profit is every business's main aim and they take calculated risks. Satyam case just went out of hand for everyone...the management and the auditors. Lets see what develops in the coming days.

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