In the Satyam event the ex-Chairman and the once blue-eyed boy of the IT world himself admits that- "The Balance Sheet carries as of September 30, 2008 Inflated (non-existent) cash and bank balances of Rs.5,040 crore (as against Rs. 5361 crore reflected in the books) an accrued interest of Rs. 376 crore which is non-existent, an understated liability of Rs. 1,230 crore on account of funds arranged by me and an over stated debtors position of Rs. 490 crore as against Rs. 2651 cr. reflected in the books." Again the man whose conscience suddenly feels cleansed after having abrogated it from the burden he had been carrying so far has admitted that- "The gap in the Balance Sheet has arisen purely on account of inflated profits over a period of last several years". As if it was not enough, Raju also admits that- "The aborted Maytas acquisition deal was the last attempt to fill the fictitious assets with real ones". Does his crime get over by his saying that- "neither myself, nor the Managing Director (including our spouses) sold any shares in the last eight years — excepting for a small proportion declared and sold for philanthropic purposes." Or do we believe his words – "neither me, nor the Managing Director took even one rupee/dollar from the company and have not benefited in financial terms on account of the inflated results." What more important, disgusting, threatening, damaging and dangerous event would we have hoped for during these periods of global market meltdown where this single event is going to make a huge impact at an international level because as we all know, Satyam was a customer to many an International giants (including 185 of the Fortune 500 companies) as also catered its services to the US government, the World Bank etc, to name only a few. It was listed on the NYSE (New York Stock exchange) and thus has added a heavy global colour to the entire episode. The immediate impact has been a loss of nearly 9500 crore to lakhs of investors and a possible job-curtailment of about 53,000 employees. The other director and indirect fall-outs are many and severe. As the law of the land says, whatever Raju and his men have done clearly abrogates many of the criminal provisions and thus get themselves open to immediate legal action. Any delay in this will only be sending more bad signals to every concerned party- the investors, the corporate world, the FIIs, the global business world and also the common masses. While the investors seem to be slowly reconciling to the fact that they have lost their hard-earned money to the fraud and cheating of one man ( who framed and cooked everything with the aid of some his accomplishes), whatever gets recovered through fast action and given back to the investors would act as a great reprieve and would also help in building faith in the system. At the same time, punishing a man who has himself admitted that he is " now prepared to subject myself to the laws of the land and lace consequences thereof" is what must be seen to the priority of the day.
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