Indo-German Business

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René Seifert Premium Member Group moderator
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Shame of Satyam-Founder
Finally, India has its Enron, too. In an unprecedented scale of magnitude, Satyam's CEO Ramalinga Raju confessed to have cooked the book of the IT-company which had claimed to be No. 4 in the country. In the aftermath, the stock of the company collapsed by 70 %. Raju whose whereabouts after his written confession have been unknown, is expected to appear before SEBI, the Indian stock market regulator, tomorrow by 4 pm:

http://timesofindia.indiatimes.com/Raju_to_appear_before_Seb...

The result of this shameful fallout, up to 15,000 employees might get sacked in the next days and salaries have been frozen for 2 months:

http://timesofindia.indiatimes.com/No_salary_for_Satyam_staf...

Shame on Ramalinga Raju who has broken trust of everyone who had held Satyam in good faith.
- 09 Jan 2009, 2:01 pm
René Seifert wrote: > Finally, India has its Enron, too. In an unprecedented scale of > magnitude, Satyam's CEO Ramalinga Raju confessed to have cooked the > book of the IT-company which had claimed to be No. 4 in the country. > In the aftermath, the stock of the company collapsed by 70 %. Raju > whose whereabouts after his written confession have been unknown, is > expected to appear before SEBI, the Indian stock market regulator, > tomorrow by 4 pm: > > http://timesofindia.indiatimes.com/Raju_to_appear_before_Sebi_on_Saturday_Lawyer/articleshow/3956406.cms > > The result of this shameful fallout, up to 15,000 employees might get > sacked in the next days and salaries have been frozen for 2 months: > > http://timesofindia.indiatimes.com/No_salary_for_Satyam_staff_for_2_months/articleshow/3956699.cms > > Shame on Ramalinga Raju who has broken trust of everyone who had held > Satyam in good faith.
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Ashant Chalasani Premium Member Group moderator
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Re: Shame of Satyam-Founder
René,

What happened is unfortunate, and one can point a "moral-finger" at Raju. Through criminal prosecution, the law should take it's course.

But let's not forget, before using words like "shame on...", that this very man, Mr. Raju,..

* created a company from scratch (1 employee in 1987)
* that had run well for some 22 years,
* created thousands of jobs over the years,
* fed many families,
* paid taxes to Republic of India,
* made many 1000's rich in the stock market of Mumbai and New York, and,
* created an IT company that many millions have been proud of for many years (and still are).

So while wrong-doing should be punished, and will be, little guys like you and me should use some retrain in our language!

Ashant
This post was modified on 24 Jan 2009 at 08:32 pm.
- 22 Jan 2009, 10:08 pm
Ashant Chalasani wrote: > René, > > What happened is unfortunate, and one can point a "moral-finger" at > Raju. Through criminal prosecution, the law should take it's course. > > But let's not forget, before using words like "shame on...", that > this very man, Mr. Raju,.. > > * created a company from scratch (1 employee in 1987) > * that had run well for some 22 years, > * created thousands of jobs over the years, > * fed many families, > * paid taxes to Republic of India, > * made many 1000's rich in the stock market of Mumbai and New York, > and, > * created an IT company that many millions have been proud of for > many years (and still are). > > So while wrong-doing should be punished, and will be, little guys > like you and me should use some retrain in our language! > > Ashant

Indo-German Business

Shame of Satyam-Founder

Re: Shame of Satyam-Founder