The Satyam story is one of greed and mismanagement by its promoter, Ramalinga Raju and his accomplices. For the past two decades Satyam was like a beacon to other budding entrepreneurs to dream big and make them happen. Sadly, that inspiration seems to have become a story of shame now and an icon's image has been tarnished beyond repair. There has always been a debate in Corporate India about whether family run businesses are professionally managed. Satyam, unfortunately has stood out as a bad example of family run businesses indulging in muck and duping the investor community. It is a telling story of greed and malice of one person with utter disregard for the stakeholders involved. To the chagrin of industrywallahs who are calling this incident a one off case, let me be emphatic in stating that there are definitely more Satyams waiting to happen in our midst and if we as a country don't ensure strict enforcement of regulations and impound offenders with impunity, investors and the naive public are going to be sacrificial lambs. It also sends out a strong message to other companies to either scrupulously follow compliance with rules and regulations or face the wrath of the investor community and see the stock of the company crash and land in a deep abyss. Serious soul searching needs to be done at the corporate level and any misdeeds be weeded out to prevent a self-inflicted crisis of horrendous proportions like Satyam from happening.

i am very much upset with this news .... but dr rajsekar reddy will do somethin about this .so dont worry investors

This will have to be wake up call, this is the high time Indian corporations start looking at corporate governance.

India is the emerging market and developing country. Indian companies have set an example and are well respected around the world for their work, efficiency, governance. This has come a utter shock and embrassment for people of India,people of corporate world, and whole world where ever satyam exist.

From now on corporate governance must be a must.

NEVER TOO LATE TO WAKE UP! GOVT. / FINANCE MINISTRY SHOULD BE MORE VISILENT & STRICT TO PREVENT / COMPENSATE THE AFFECTED PUBLIC FROM SUCH FRAUDS. SEBI & OTER GOVERNING BODIES SHOULD BE MADE ACCOUNTABLE FOR ALLOWING SUCH THINGS TO HAPEN & DRAIN THE INNOCENT PEOPLE'S MONEY, WHICH IS HARD EARNED!!

Chartered accountancy firms must be taught the toughest lesson. These guys are biggest manipulators.

Surely PwC (India)'s audit of Satyam's FS over the many years in the past will be heavily probed into and skeletons will emerge undoubtedly, and penalties and censure may follow.
It may even entail & set off Global Ramifications.

However, does that alone resolve matters and bring effective, astute and committed genuine change? DOUBTFUL!


Similar issues may crop up on many audits by other CA Firms auditing Public Cos'(especially on audits of IT Companies)

The mature way to tackle such matters by India Incorporated (i.e. Public Listed Entities) is through Firm Legislation such as Sarbanes Oxley Act (in the US) and a Quasi Judicial Body PCAOB (in the US)to help regulate CA Firms in India auditing Public Cos', which I am sure will follow.

Sole reliance on the Institute Of Chartered Accountants Of India
to police and reign in potentially erring member CA firms alone cannot cut it!

The ICAI indeed should continue to focus on code of ethics of its members more stringently.

However the wider public's interests will be better served by a PCAOB kind of body.

We have to understand unscrupulousness runs in the veins of many Individuals or Group of people across the world. Be it Auditors, CEOs', CFOs'.....It is not defined by regional boundaries. It is a global phenomenon. Japan has its own JSoX similarly UK......etc/

Time for India to have its very own styled Indian SoX and Indian PCAOB.

Those much needed steps will lend credibility to Corporate India in the eyes of the World Investing Public.


After all Satyam was not just another Indian Company listed on the Indian Exchange.
It is listed on the NYSE under the ticker symbol: SAY.


All the best India! Time to rise up to this new Crisis on similar lines as in the case of 26/11!

Jai Hind,

Koshy George
Chartered Accountant
San Jose, CA

Truely this is a very bad day for IT in India.Even it can be reffered as BLACK DAY for IT in INDIA. Mr. Ramalinga Raju has set a bad example & What were auditors doing? What is responsibility of auditor ? I guess auditors were highly corrupted. Not only Mr. Raju even those who are responsible should be punished including audit firm as well as audit team members.
Atlast SATYAM has misused the true spirit of word "SATYAM".
Now it can be called as "ASATYAM".

india is a rich country where poor people live we are becoming like americans where scandals and corruptions is at the topmost level in billions

It is incorrect to draw such a broad conclusion on corporate governance in India quoting Satyam episode. How do we explain the Lehmans and Washington Mutuals amidst of the so called morally superior SOX and CAAP etc in US.

Enforcement can happen with full participation of corporate citizens keeping aside their greed for their own company profits.

Overall corporate India needs to set an ambience of transperency and good corporate governance(Assuming we have good Federal governance) in the likes of Infosys.

Truely this is a very bad day for IT in India.Even it can be reffered as BLACK DAY for IT in INDIA. Mr. Ramalinga Raju has set a bad example & What were auditors doing? What is reponsibility of auditor ? I guess auditors were highly corrupted. Not only Mr. Raju even those who are responsible should be punished including audit firm as well as audit team members.
Atlast SATYAM has misused the true spirit of word "SATYAM".
Now it can be called as "ASATYAM".