SATYAM Computers cooked books - Where is Corporate Governance? What are the Auditors and Board of Directors doing since last 3 years?

In continuation to the A Tale of ASatyam it is obvious that every IT user is shocked with this incident, no-one can take it back as whatever has to be happened has happened. Enough is enough. The pride of Telugus has bitten mud today in international scenario. The national media has been stressing 'Satyam' Rama Linga Raju as 'man from Hyderabad'…! That reference is enough to put the heads down for entire Telugus.

A direct question in everyone's mind that the Auditors and Board of Directors including the COO & CFO of SATYAM must have known this particular fiasco, all of them must be punished and it is absolute rubbish that Mr.Raju taking all the responsibility as his own. This is a sheer betreyal of confidence from 52,000 employees including their own family members.

Here is the interesting reveleation about Satyam Corporate Governance ??? from one of its ex-employee which is a good one to read. On top of that I came to know that Ramlinga Raju has got a fanmail website on his name - http://www.ramalingaraju.com/message.html whereby the fans are still adding up messages in support of him!
Edit: 08th January 2008, as you may see the link to Ramlinga Raju Fanmail site has been taken down and it was working until last night.

____________________________
On the other side of this issue the Andhra Pradesh Government has been playing games again by simply passing out statements in press by Chief Minister, Dr Rajashekar Reddy and below is the extract of his letter to Prime Minister of India & SEBI :

Today's revelations of the Chairman of Satyam Computer Services Limited have come as a grave shock to everybody in the country. We, in Andhra Pradesh State, are particularly disturbed as the headquarters of the company is in Hyderabad with many operational facilities spread across the State.

While I have no doubt in my mind that Law will take its own course, our major and immediate concern is about the fate of 53,000 employees of the company. As you may be aware, majority of the clients / customers of the company are Fortune 500 companies, who will be averse to do business with companies having fraudulent managements and they will have every right to cancel the existing contracts, which will jeopardize the interests of the employees and innocent shareholders.

I, therefore, urge you to kindly constitute a management team with immediate effect comprising of personalities of globally known integrity and competence viz., Sri Azim Premji, Sri Narayana Murthy and Sri Ramadorai to manage affairs of the company to restore the confidence of the global customers in its business continuity, so that the interests of the employees and other stakeholders are protected till an alternative credible management is put in place for the company.

Yours sincerely,

(Dr.Y.S.RAJASEKHARA REDDY)

Dr. Manmohan Singh,
Prime Minister of India,
New Delhi.

--------------------------------------------------------------------------
The above letter was also sent to:
Sri P.Chidambaram, Union Home Minister, Sri Montek Singh Ahluwalia,
Deputy Chairman, Planning Commission and Sri Prem Chand Gupta, Union
Minister for Company Affairs.
________________________

This is another classic example of corruption and favourism by Government for not even taking action against none of the Board Members of SATYAM. Above all, the non-responsiveness and escaping nature of Raju as soon as this news has come out, is giving negative signals on his character.