Apparently, the reason for the fraud was poor performance leading to concerns over share value decline and take over from other companies and therefore loss of control for the promoters.
The Chairman was someone who was seen as a role model for entrepreneurs having built one of the top IT companies in India.
Why would someone who is so successful and reputed do this? After all, rational people evaluate the cost of a lie before doing it.
But it turns out, it is the success itself which causes people to do this: “Success is a menace. It fools smart people into thinking they can’t lose” - Bill Gates
4 comments:
Though we are not directly affected , we are shocked about the Satyam developments.Mohandas Pai of Infosys said" It is a shame for India" . The whole Industry has to work harder to overcome this crisis.
Young people like you can make a difference.A bright future awaits all the dynamic hardworking and enterprising youth like you.
Regds Prem Appappa & Rajashree Moushi
Well there is a huge gap in what Mr. Raju had admitted and what
actually went on...
Mr. Raju forayed in a big way into real estate and the crash led him
to lose crores.
Now he owned only 4% of satyam which had cash reserves of 5100 crores.
and there were talks of a merger or a takeover. Futher more.... he had
pledged all his shares to institutions for loan.
which means he would have ended up as a net loser..
Now he planned to take over Maytas... with the comeplete payment going
to the promoters of maytas... with this he would have been saved of
bankruptcy....
So our friend went over,bought maytas and transfered the cash and paid
of his dues... This however had to be reversed but there was no money
to be returned as most of it had been used up...
So he cooked up this story as he was between devil and the deep
sea.... u might imgagine from whom he must have taken the money for
him to act like this...
This is the true story....Nobody has got a scent of it....PWC is not a
fool to not have found it out... the books were true and correct till
this maytas deal...
raju was not a saint to have come out with this. He croaked only when
dsp came out in open. His letter comes after dsp. he had no choice.
pwc is not a rookie not have hidden this....
I know satyam margin to be not less than 25% ans now he claims this to
be 3%.... this is bull...
there is a lot of muck boss...He has chosen the easier of the two
options. A lot of politicians have been beneficiaries....just wait and
watch....
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