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07-01-2009, 01:18 PM
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#1 (permalink)
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Pepps
Join Date: Apr 2008
Location: Gurgaon
Posts: 27
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Will Satyam Computers go bankrupt? Raju resigns
Satyam's own Ramalinga Raju resigned and admitted that he had committed fraud and cash books of Satyam were inflated.
The Satyam balance sheet, as on September 30, 2008, had an accrued interest of Rs 376 crore (Rs 3.76 billion) which is non-existent. It also had an understated liability of Rs 1,230 crore (Rs 12.30 billion) on account of funds arranged by Ramalinga Raju. The balance sheet showed an overstated debtors position of Rs 490 crore -- Rs 4.90 billion -- (as against Rs 2,651 crore -- Rs 26.51 billion -- reflected in books).
source : http://economictimes.indiatimes.com/...ow/3946470.cms
This is really a shocking news .. meanwhile Satyam shares tumbled around 75%
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07-01-2009, 01:20 PM
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#2 (permalink)
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The Smaller Bang
Join Date: Sep 2007
Location: Gautham City
Posts: 7,492
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Re: Will Satyam Computers go bankrupt? Raju resigns
ZOMG!
Satyam really IS dying. I heard HP is trying to buy it...
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07-01-2009, 01:32 PM
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#3 (permalink)
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AFK
Join Date: Oct 2006
Location: Bombay
Posts: 1,599
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Re: Will Satyam Computers go bankrupt? Raju resigns
First the World Bank fiasco, then the Maytas deal, now fudging of bank accounts to show fake profits. 
Forget lack of corporate governance, this will set a bad image for India in the Global Market as Satyam is a global enterprise. 
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07-01-2009, 01:34 PM
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#4 (permalink)
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Back!
Join Date: Jun 2007
Location: Bangalore
Posts: 513
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Re: Will Satyam Computers go bankrupt? Raju resigns
and another company bites the dust 
poor friends of mine who got placed in Satyam, dunno what will happen to them...[and not to mention those already working there  ]
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07-01-2009, 01:40 PM
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#5 (permalink)
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AFK
Join Date: Oct 2006
Location: Bombay
Posts: 1,599
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Re: Will Satyam Computers go bankrupt? Raju resigns
Quote:
Originally Posted by n6300
and another company bites the dust
poor friends of mine who got placed in Satyam, dunno what will happen to them...[and not to mention those already working there ] |
AFAIK, Satyam is not in facing bankruptcy.
The issues faced here are first of all the Maytas Deal, and inflating non existant profits.ie. cooking up false accounts of profits in the past few years.
So they will be held answerable to many, including regulators about this "fudging".
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07-01-2009, 01:46 PM
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#6 (permalink)
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Back!
Join Date: Jun 2007
Location: Bangalore
Posts: 513
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Re: Will Satyam Computers go bankrupt? Raju resigns
^ yeah but with all that liability and the other 'shady deals' n stuff will also not be good news for prospective buyers...
and if some biggie does go ahead, i'm not very sure about the future of its 50k+ employees...
ok i noticed it just now....
maytas is the reverse of SATYAM 
[maytas is the company of the son of that Ramalinga Raju, AFAIK]
Last edited by red_devil; 07-01-2009 at 01:48 PM.
Reason: Automerged Doublepost
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07-01-2009, 02:08 PM
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#7 (permalink)
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Bad to the bone
Join Date: Dec 2007
Location: Mumbai
Posts: 647
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Re: Will Satyam Computers go bankrupt? Raju resigns
Earlier in AP, every second guy on the street claimed to know Ramalinga Raju personally (just like folks in Kerala claim to know Sreesanth). I wonder what they will say know.
Consulting firm PwC will become another Arthur Anderson once the dust settles down, take this from me.
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Twitter: @amitabhishek
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07-01-2009, 02:39 PM
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#8 (permalink)
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In The Zone
Join Date: Jan 2005
Posts: 441
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Re: Will Satyam Computers go bankrupt? Raju resigns
holy crap man....
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The futures uncertain....
And the end is always near.
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07-01-2009, 02:54 PM
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#9 (permalink)
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Call me Sumit
Join Date: Feb 2004
Posts: 1,418
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Re: Will Satyam Computers go bankrupt? Raju resigns
DSP Merill Lynch has ended its deal with Satyam..God save Satyam
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07-01-2009, 03:00 PM
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#10 (permalink)
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tHe nEw gEEk......ITian
Join Date: Oct 2008
Location: New Delhi
Posts: 358
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Re: Will Satyam Computers go bankrupt? Raju resigns
i am really unsure that satyam will overcome from this issue and gain the confidence of investors again........!!!!
Really a bad news....
What will this effect on the indian IT industry...........??
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07-01-2009, 03:23 PM
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#11 (permalink)
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Call me Sumit
Join Date: Feb 2004
Posts: 1,418
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Re: Will Satyam Computers go bankrupt? Raju resigns
Satyam case is a warning for other managements: N R Narayanamurthy
7 Jan 2009, 1444 hrs IST, ET Bureau
BANGALORE: At a time when India software Inc is waking up to perhaps the biggest corporate scam the country has seen, industry leaders such as N R
Narayanamurthy who founded country’s second biggest tech firm Infosys, described developments at Satyam as shocking, painful and a good warning for other companies in the sector.
The Satyam episode is a good warning signal for all managements, said Mr Narayanamurthy, the non-executive chairman of Infosys and one of the strongest votaries of corporate governance in the country. Speaking to ET , Mr Murthy said, it is time for authorities to step in with appropriate action.
Following is Mr Murthy’s unedited views on the subject.
I am shocked and painfully dismayed at what has happened at an important software company in India. It is a total failure of governance. I only hope that relevant authorities get to the bottom of this and take appropriate action.
It is important to remember that one Satyam does not make the entire Indian software industry. I believe it is an isolated case. I want foreign investors to realise that there are many honest managements and good companies in this country. While what has happened at Satyam is totally regrettable, I believe that it does not represent India. It just represents one individual and one company.
In the short term, investors will start looking deeper into all companies they want to invest in, and rightly so. Once they realise that things are not all that bad and that most companies are decent and managements honest, they will regain their faith.
This too will pass. Investors will consider this as an extreme case. Right now, all of us must conduct ourselves in the most legal and ethical manner. It is a good warning signal for all managements.
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07-01-2009, 03:25 PM
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#12 (permalink)
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Bad to the bone
Join Date: Dec 2007
Location: Mumbai
Posts: 647
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Re: Will Satyam Computers go bankrupt? Raju resigns
^^ Hey Murthy! Are you sure you don't have any skeletons in your closet!!!???
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Twitter: @amitabhishek
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07-01-2009, 03:49 PM
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#13 (permalink)
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Call me Sumit
Join Date: Feb 2004
Posts: 1,418
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Re: Will Satyam Computers go bankrupt? Raju resigns
he he he 
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07-01-2009, 03:54 PM
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#14 (permalink)
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Alpha Geek
Join Date: Aug 2007
Posts: 505
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Re: Will Satyam Computers go bankrupt? Raju resigns
god save those who still wanted him to be part of the management when the maytas deal was called off.
i feel the entire board directors will also have a responsibility and nobody who is part of the existing management should be allowed to remain. They cannot claim not to know of anything that is going on unless they are sleeping the whole time they are the directors of the company.
One big problem here is what the auditors were doing? if he himself admits fraud then the auditors are not doing their job whether intentionally or not.
Ok they said investigations will be done. I am pretty suspicious what will come out of it. This guy and others involved (i dont think only he is involved) should be punished severely with jail and fine of crores. The investor can sue him and others too.
India never punished the big fish involved in scams and frauds, they only can make an example of the small fry involved in the scam or fraud. I hope this time around they punished all the big fish
Last edited by realdan; 07-01-2009 at 04:42 PM.
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07-01-2009, 04:39 PM
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#15 (permalink)
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In The Zone
Join Date: Sep 2006
Location: Bangalore but heart in pune :-)
Posts: 405
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Re: Will Satyam Computers go bankrupt? Raju resigns
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07-01-2009, 04:40 PM
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#16 (permalink)
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Davislav Ivanuiz!!!
Join Date: Apr 2004
Location: Pune
Posts: 1,396
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Re: Will Satyam Computers go bankrupt? Raju resigns
I'm screwed...
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07-01-2009, 04:51 PM
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#17 (permalink)
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Alpha Geek
Join Date: Aug 2007
Posts: 505
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Re: Will Satyam Computers go bankrupt? Raju resigns
you have the company stocks?..i wonder the guy and his family has shortsell (not have to be in satyam) in other people name to gain from the rolller coaster ride down
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07-01-2009, 04:53 PM
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#18 (permalink)
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Rapacious eBayer
Join Date: Sep 2008
Posts: 377
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Re: Will Satyam Computers go bankrupt? Raju resigns
Not trying to act like an *** but this is quite funny indeed.
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07-01-2009, 04:58 PM
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#19 (permalink)
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Rockin g33k
Join Date: Apr 2005
Posts: 2,737
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Re: Will Satyam Computers go bankrupt? Raju resigns
Stocks fell from rs 146 yesterday evening to Rs 33 today.
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07-01-2009, 04:59 PM
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#20 (permalink)
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Alpha Geek
Join Date: Aug 2007
Posts: 505
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Re: Will Satyam Computers go bankrupt? Raju resigns
very soon enterprising film producer will try to make a film based on the whole saga
anybody wanting to take a bet then take it at 10 or below..(if you are gonna buy a lotto or gamble in casion) bet it on them but not a big amount.
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07-01-2009, 05:04 PM
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#21 (permalink)
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In The Zone
Join Date: Sep 2006
Location: Bangalore but heart in pune :-)
Posts: 405
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Re: Will Satyam Computers go bankrupt? Raju resigns
Satyam stocks are getting Traded in good amounts, i wonder who is buying , may one's who will buy large stocks to have a great stake in company, when it out goes for sale !!
I may be wrong dunno
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07-01-2009, 05:06 PM
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#22 (permalink)
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Call me Sumit
Join Date: Feb 2004
Posts: 1,418
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Re: Will Satyam Computers go bankrupt? Raju resigns
That resignation letter is quite explainable ..but still lots of questions !!
++1 to dd_wingrider for posting the link
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07-01-2009, 05:23 PM
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#23 (permalink)
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It's true Im not confused
Join Date: Feb 2007
Location: Hyderabad
Posts: 347
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Re: Will Satyam Computers go bankrupt? Raju resigns
An honest question: Why Satyam showed fake profits???What was their motive
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07-01-2009, 06:03 PM
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#24 (permalink)
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Right Off the Assembly Line
Join Date: Jul 2008
Location: Nagpur
Posts: 45
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Re: Will Satyam Computers go bankrupt? Raju resigns
Some facts about SATYAM
*Employs 53,000 people, operates in 66 countries
*Won 2008 global award for excellence in corporate governance by World Council for Corporate Governance (WCFCG)
*Becomes official IT services provider for the FIFA World Cups, 2010 and 2014
*Ramalinga Raju, Satyam's founder and chairman, won Ernst & Young's 2007 entrepreneur of the year award
SOURCE http://news.bbc.co.uk/2/hi/business/7815031.stm
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07-01-2009, 08:37 PM
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#25 (permalink)
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The Smaller Bang
Join Date: Sep 2007
Location: Gautham City
Posts: 7,492
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Re: Will Satyam Computers go bankrupt? Raju resigns
zomg! shares that low ?
Am I glad I asked my dad to buy infosys not satyam... phew...
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07-01-2009, 10:41 PM
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#26 (permalink)
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TheSaint
Join Date: Jun 2004
Location: Antigua
Posts: 3,447
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Re: Will Satyam Computers go bankrupt? Raju resigns
Too bad for shareholders
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07-01-2009, 10:59 PM
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#27 (permalink)
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in your face..
Join Date: Jan 2007
Location: Wit's End
Posts: 219
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Re: Will Satyam Computers go bankrupt? Raju resigns
It is really unfortunate that Satyam fudged its accounts, particularly when PWC was their auditor. ICAI has its work cut out. Come to think of it, I was with PWC for some time.
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07-01-2009, 11:03 PM
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#28 (permalink)
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Democracy is a myth
Join Date: Apr 2004
Location: Kaikhali,Kolkata
Posts: 2,159
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Re: Will Satyam Computers go bankrupt? Raju resigns
Quote:
Originally Posted by MetalheadGautham
zomg! shares that low ?
Am I glad I asked my dad to buy infosys not satyam... phew...
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yes, u should be...Satyam out from NSE from 12th... 
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07-01-2009, 11:04 PM
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#29 (permalink)
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AFK
Join Date: Oct 2006
Location: Bombay
Posts: 1,599
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Re: Will Satyam Computers go bankrupt? Raju resigns
Quote:
Originally Posted by Kl@w-24
I'm screwed... |
Why? Or more importantly, how? 
Quote:
Originally Posted by confused!!
An honest question: Why Satyam showed fake profits???What was their motive
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It all boils down to greed or honesty. If you are honest, you may not get great results but atleast your are safe.
If you are greedy, well, need I explain?
Quote:
Originally Posted by MetalheadGautham
zomg! shares that low ?
Am I glad I asked my dad to buy infosys not satyam... phew...
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Lucky you.
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07-01-2009, 11:07 PM
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#30 (permalink)
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Davislav Ivanuiz!!!
Join Date: Apr 2004
Location: Pune
Posts: 1,396
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Re: Will Satyam Computers go bankrupt? Raju resigns
Quote:
Originally Posted by thewisecrab
Why? Or more importantly, how? |
Long story. In short, I was selected in 2 companies. I ditched the other one (Tech Mahindra) for Satyam, waited for 6+ months and now I've got bugger-all to show for it.
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