Satyam – A big lie
Author: Sundar Rajan G S8 Jan
We all know what has happened to Satyam!!!
Its indeed a shame that such a fraud has taken place in our Country.. Infact, when I was in first term, I remember my accounts professor was pursuing a research – “Why there are no Enrons in India”.. And he was asking our views.. Well now he has his answers..
The whole Quarter on Quarter reporting is putting so much pressure on the executives.. But does mean they can involve in such unethical practices??? Obviously not!!
I think we no longer need management education in strategy, finance, operations, marketing etc..
We need basic lessons in ethics.. We need the old grand mother stories to imparted to “tomorrows leaders” – These are guys who are so smart that they have become crooks.. Its a pity..
Who is responsible for the erosion of share holders wealth??? It is not just wealth, its about the trust on investing in these companies… I think Satyam is worse than terrorists.. Yes, the mumbai attacks was numbing.. but people have slowly started walking on the streets in a few days after attacks.. But people will not be willing to invest in the markets for much much longer time.. For that matter, the trust on India Inc is going to take a significant beating.. The fragile job market is going to take more beating..
And was PwC doing in this whole thing? I guess they were only partying..
A stitch in time saves nine….
Prevention is better than cure…
…
…
I dont knw.. I guess every single proverb can be used in this case..
Well, The only positive out the whole episode is that a researcher somewhere down the line will publish a couple of papers and get his Phd earlier.. Or may be a our legal code will get a bit stronger..
At the end of the day, there will more regulations in the future.. and running an organization is going to be even more painful..
This episode should a lesson for young & budding – managers & leaders to act ethically.. What an expensive way to learn the fundamental lessons of life..
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7 Responses for "Satyam – A big lie"
Hopefully u dont hold any shares with google !!
yeah its too sad, but the good thing is that at least maytas escaped swapping there assets for the fictitious accounts…
its sad but the only good thing is that at least maytas didn’t swap there assets for the fictitious accounts
It is really satyam!!
Great post. You hit the nail on its head. Ethics is what is eroding.
I always thought when you cook up books, you will end up burning paper. Mr. Raju has been running the company for few years by that, which is a great fete.. Raju pazhaya paper kadai ya nadathinaru? (books lam cook panna)
.. hehe..
on a serious note:
I suspect a lot more rotten companies will be unearthed when the books of companies are re-audited. I strongly believe Satyam is not the lone culprit here in the corporate world to have “cooked up” books.
India needs strong audit laws like the Oxley Act in US Wiki link
I am quite sure that our political head doesn’t have the will to make any acts like this anytime now, as they have to go begging with industrialists for money to run their Loksabha campaign. The next government might think about it only when another scam like this happens and things get exposed. Otherwise this whole saga will be buried to safety for other culprits to continue their fraud, as usual. God save India.
I place most of the blame on ‘reputed firm’ Pricewaterhousecoopers. Everybody trusted PwC to do it’s job. Committing a scam is one thing, those supposed to unravel it burying it instead is another.
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