January 11, 2009

The Satyam saga

When the big boss of Satyam confessed,
That for years, the accounts had been dressed,
His shocking revelation,
Sent shivers through the nation,
For he'd stirred up a huge hornet's nest.

Said Raju, "Believe, I implore,
That I sincerely tried to restore
The accounts, put them right,
But by then, my sore plight,
Was like riding a beast carnivore."

"How I wish I had not tried the stunt
Of acquiring the name back to front**
Now the fear of being mangled,
Has me further entangled,
So I guess I must now bear the brunt!"

The Sunday Times 11/01/2009: India rocked by its own Enron - Ramalinga Raju, the founder of Satyam Computers has shocked corporate India by confessing to having cooked the books at Satyam for years. In a fraud already labelled as India’s Enron, Raju admitted to having inflated the reported cash and bank balances of the company by $1 billion (£660m), while overstating revenues and understating liabilities. As the company grew, the gap between fact and fiction widened.“It was like riding a tiger, not knowing how to get off without being eaten,” the 54-year-old wrote in his resignation letter. This weekend he is being held in custody, leaving a trail of destruction and unanswered questions behind him. Get the rest of the story here

** Maytas = Satyam spelled backwards

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