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Sthyam Scam Details Essay

810 words - 4 pages

What happened to Satyam?
Satyam Computers, the fourth largest IT industry of India, The member of Nifty 50, BSE Sensex, winner of golden peacock award for best corporate governance, and many more laurels that it has in its kitty did not stop it from drowning like a rock in its dirty waters. Ramalinga Raju of Satyam computers, confessed in a four page letter, stating that the accounting books of Satyam had been hugely inflated and that the company did not have that much of money as it was showing. In layman's terms, the company had been from that time lying about the amount of money that they had. Imagine a person telling you he has Rs 10000 but in reality has only Rs 50. Only that the ...view middle of the document...

The question that are being raised by many in the accounting circles is why PWC not able to smell the rat, which DSP merill Lynch was able to do it in a few days. Now even Merill Lynch has terminated its egagement with Satyam as consultants.

The last question that is there on many people's mind is why now, Raju confessed. It is said that Merill Lynch played an important role in the confession and advised(forced) him to do a confession. on the other hand PWC was not able to do so in so many years. PWC i doubt would be able to rise from this shadow of Satyam computers and processes are going on to black list the audit firm.

Lastly the employees of Satyam have already put up themselves on job portal, and there is not indication as to when the company can keep on going. Infosys Technologies has directed its HR not to employ anybody from Satyam computers, AS many would try to jump the sinking ship. This is not wrong, on part of Infosys, as it is trying to show support to Satyam and keep its employee in position. There have been talks of another company taking over Satyam and solving it of its debacle. Tech Mahindra and LnT Infotech are the biggest contendors for the takeover. But for now every body is waiting...

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