Arresting Raju is not the solution
The arrest of Ramalinga Raju, chairperson of Satyam Computers, is not the solution to the crisis that India's IT sector may face in days to come. Raju single- handedly could not have conduct the fraud of more than Rs 7,000 crore.
u00a0u00a0u00a0u00a0u00a0u00a0u00a0
Andhra Pradesh Chief Minister Y S Rajasekhara Reddy has taken a wise decision by urging the Centre to send a team to take stock of the situation and also run the company that employs 53,000 people. While Raju's arrest is inevitable, it's important to protect the interests of Satyam employees.
u00a0u00a0u00a0
The board of directors of Satyam and the auditors should also be grilled and the involvement of RBI, SEBI and other regulating agencies in the investigation is vital.
The fall of Satyam is extremely unfortunate for the Indian IT sector. But a fraud of such magnitude cannot be done without the knowledge of the management of the company, the auditors and even major shareholders.
u00a0
A transparent investigation isu00a0 necessary to bring out the truth, as the future of the company and its 53,000 employees is in the doldrums.
The government should investigate this case seriously and punish the culprits immediately.
