Satyam turns Asatyam

Satyam turns Asatyam

The news about the happenings in Satyam computer services is a classic story of corporate fraud involving nearly 8000 crores of rupees. Innumerable investors lost large chunks of their hard earned money and over 50,000 employees are facing risk of unemployment, setting in its trend huge trust deficit in public companies. There are many posers as the ex chairman thought it fit to "cleanse his conscience" by his late disclosures of rank dishonesty by fradulent financial engineering. Satyam has been cooking the figures for several years as per the chairman's disclosure and other directors, its financial executives and internal audit team remained mum. The Auditors with international presence preferred to remain quiet. The various regulatory wings of the government like the SEBI and Serious Fraud Investigation office in addition to a large number of government departments too preferred to remain quiet as the fradulent exercises were in full swing. A few cooperative banks in the country also did the same type of fradulent conduct during the last few years. Quick investigations need to be started by honest and competent government officers and the results should be made public. Apart from those involved in the company, the Auditors and the regulatory wings of the government must be given exemplary punishments to restore public confidence and to avoid recurrence of such frauds in future. It is a shame on all those who are supposed to safeguard public interest.


A.R.K.Pillai