The entire Satyam scandal is the result of negligence on the part of the government
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HOPING FOR THE BEST: A Satyam employee signs a supportive banner in Hyderabad. Pic/AFP |
The entire Satyam scandal is the result of negligence on the part of the government, SEBI and the auditors. It is really shocking to note that the esteemed auditors Price Waterhouse was responsible for certifying the balance sheets of this fraudulent company.
Arresting Ramalinga Raju is something that needed to be done, but will it help recover the Rs 7,000 crore?u00a0
It's the shareholders who have been taken for a ride. The new board of directors need to perform a miracle to revive this company and protect Satyam employees.
Despite witnessing scams like the ones by Harshad Mehta and Abdul Karim Telgi, it's sad that India's regulators were caught off guard by Raju.
K V Satyamurty satyamurty2007@gmail.com
