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SATYAM | MAYTAS

January 8, 2009

hwat-post

Guess which is today’s Hawt Post in wordpress.com? Its about Satyam … Amol Agarwal in his Blog Mostly Economics writes – Satyam does and Enron! …Its worth reading with good insights on the existing board members which included people like Vinod Dham and Faculties from ISB and Harvard. Missing reports on SEBI website since 2004 and Aug/Sep 08 research reports from top brokarage house maintaing a buy for Satyam…. 

Wiki updates

1. wikipedia is updated with latest info Satyam’s page has updates on Accounting Scandal of 2009

2. Profile page of Vinod Dham on Wiki has this interesting trivia 

He was part of the board of directors of Satyam Computer Services Ltd. that approved the purchase of construction company Maytas (owned by the same family that owns Satyam), worth $225 Million, for $1.6 billion, a deal which was blocked by shareholders.He resigned from the SATYAM board on 28.12.2008. “Satyam” when spelt backwards reads “Maytas”

Now am sure its a sad news not only for Satyam but also for India and Indian IT industry … What is to follow next? What about other companies being audited by PwC, will they be under scanner too?

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2 Comments leave one →
  1. January 8, 2009 12:39 pm

    The letter to BOD was very disheartening. The fraud is cumulative effort over the years. However close it is to Enron there are stark differences –

    1. The complexity of Fraud was far greater in Enron and perhaps far easier to see. Offshore companies as well accounting for future cash flows in to the present. Satyam was like any child will come to know yet unless auditor points out no one shall know.

    2.Enron was 101$ Billion Company…Satyam a 2 $ Billion

    3. Employees at Enron at about half of Satyam

    4. I presume Skilling resigned before the fall out.

    There are a lot of similarities too ofcourse..Big 5 to Big 4…Big 4 to Big3?

  2. January 15, 2009 4:08 am

    The Government of India has decided (or is deciding) to give 2000 crores to bail out Satyam which most of us would appreciate.

    However, farmer suicides in our country since 1997 to 2008 total 1,82,936. Those farmers WERE NEVER BAILED OUT.

    Dr Rudhran examines the correlation from a common mans perspective: http://www.kalugu.com

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