‘No board member had any knowledge of the real situation. Accrued interest of Rs 376 crore in books is non-existent. About Rs 1,230 crore was arranged to Satyam, but was not reflected in the books,” Source-IBN-live.
Time to celebrate people,especially if you had invested in Satyam,you just lost some money and if you are rich enough it means,you can cheat others now.
See here for the entire letter(thanks Chirag).Reading the letter,one should also feel sad for the guy.After all he did start the company and in a bid to keep it,he had done this.I not am sure how true,is it that he didn’t gain anything out of it.But end of the day,he has been caught and the markets go bear again.And the fact that cases in India would take forever.
Taking the fact that the I.T. industry is already in trouble and also that the world is facing met downs,this is not going to help anyone.A lot of people might again loose their jobs.
Of course the auditors too would be answerable.How can someone,miss such large amounts? This might mean new laws,but maybe this would get them out?And the whole story doesn’t seem to be out yet,who else could be in it? Surely,a single person alone can’t engineer such a huge fraud?
And virtue seems to have a lot of value.maybe,we will be able to buy it also,sooner than later.Say Mr.X is a good person,so just pay him and his goodness will rub on to you.Who cares anyway? All these scandals reflect,is the “innate goodness” of human beings.Can’t people be truthful to themselves? And no,I am not claiming money is evil ,bad etc,Shouldn’t a person get only what he really is worth? And as far as I am aware,they still teach you not to lie in kindergarten.,so when did it all start anyway? maybe we should just each kids to lie.
Teacher:- Have you completed your work?
Boy:-yes,mam.
Teacher:-Show your book.
Ha good you haven’t done it.Now that is my boy.Keep it up,here are five stars for you.
Or am I speculating too much?
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