Satyam Fiasco: Part II

This is the sequel to my earlier comedy script, ‘Satyam Fiasco’. To be fair there is enough joking around already and now we all need to get serious about the corporate scam. The bear in me says this is only the begining. Afterall, we Indians are notorious in manipulating stuff. Reliance has been the flag bearer of the tax pirates ship for years now. My gut feeling says there might be much more to it than what it looks right now. We all will have to wait till Raju makes is confession.

Digging deeper, let us talk about the Maytas deal. (Maytas is ‘Satyam’ spelt reverse). People are saying Raju wanted to acquire Maytas in order to cover up the scam he was cooking, but failed miserably. Whay was he doing that? After all isn’t Maytas a part of his family business? Then why the hell could it make a difference? The answer lies in Maytas’s burgeoning growth in last 6-8 years. Maytas is a 2 decade old company. However it has been doing remarkably well for last 6-7 years. Projects worth billions are riding on them. Now talking about inappropriation of Satyam’s money. Raju showed a swollen gross margin in the period of July-December by almost 600 crores. meaning swollen records by over 1000 crores in a year. So it would take him about 5 or maximum 6 years to show an accumulated wealth of over 5000 croores (as stated in the records- Satyam’s supposed cash reserve). So ladies and gentlemen it should come out from here that Raju must be syphoning the money from Satyam to Maytas since last 6 years. And now he wanted to buy it so that he can cover up his ass. Unfortunately, his share holders made him do a ‘full monty’   🙂

Mynampati tried to grab the opportunity with both hands when he was named the interim CEO. But after the disclosure of Raju, he was a risk not worth taking. And the government did the right thing to dissolve the board. They were the members who Raju had hand picked. Trusting them meant having a dinner with Al Qaida in a Kandahar’s eatery. Next big question. What was PwC doing in all this mess? I’m sure they have answers. Their asses are already on fire.

So what heppens next? Government is trying hard to protect the rights of 53000(?) employees and preventing the company from falling. I hope it works and Satyam comes out of the mess. I really hope… because I know not what dirty muddle lies there inside. I just want to pray the employees dont hit the job market. May god bless all of us!


5 thoughts on “Satyam Fiasco: Part II

  1. Pingback: Satyam Fiasco « Mayur’s blog

  2. I have made an analysis as well
    may be this way
    1. Satyam was founded first
    2.Raaju back ground shows they had the real estate business
    3. MAYTAS was made
    4. MAYTAS not well
    5. Last 6 -7 yrs records show very high profits.
    PWC and Bank might not be to blame here ..may be..

    they might be doing thier job with few comprimises, but may be money was diverted to MAYTAS to bag in huge projects

    6.Now when SATYAM was in a bad state with no money, RAAJU declared he would buy MAYTAS with extra price hich trigegred the trigger.

    7.Though he tried projecting that he was infact trying to help SATYAM with MAYTAS, I feel he might have actually tryign to cover up.

    How could any audintg company keeps eyes closed to a very high variation in 3% and 22 %?
    Were the investirs so dumb?
    Was the board so unaware of the balance sheets?
    that Raju was taking the sole responsibility?

    If no one was aware of it why did the CFO sell of 92 000 of satyam shares just a week ago? to build a house?BULL****

    there is much more to come out and many many people to be rooted out.

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