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  #1 (permalink)  
Old 01-07-2009, 10:16 AM
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Default Satyam Chairman Resigns After Falsifying Accounts

Another bad news
How it will going effect the folks working here (from Satyam)
http://www.bloomberg.com/apps/news?p...AQ&refer=india
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  #2 (permalink)  
Old 01-07-2009, 10:48 AM
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It was a massive Rs.8000 crore fraud. This is bad for India, Inc. But I don;t think this will affect outsourcing. The other firms like TCS, Infosys, Wipro will merely pick up Satyam's clients.
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  #3 (permalink)  
Old 01-07-2009, 12:32 PM
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Default wow

its a big news. 53000 employees will be under lot of stress in such bad economic time.... its in general bad for reputation of indian firms.
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  #4 (permalink)  
Old 01-07-2009, 12:40 PM
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Talking Satyam Shivam Sundaram

Of Satyam's reported cash and bank balances of 53.61 billion rupees on Sept. 30, 50.4 billion rupees was non-existent, Raju said in the letter sent to the Bombay Stock Exchange.
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  #5 (permalink)  
Old 01-07-2009, 12:57 PM
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What were the auditors doing?

Is this just the tip of the iceberg. We know thats true in the US as well. Publicized scams/scandals are usually only an example of what goes on in general (GAFFS !!) Generally Accepted Financial Fraud Schemes instead of GAAP Generally Accepted Accounting Principles

Whats with all these white collar crime in the world...have people forgotten how to earn a honest meal??
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Old 01-07-2009, 01:00 PM
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Default

Its really scary for IT folks in India. Read on

http://www.businessweek.com/globalbi...mpaign_id=yhoo
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  #7 (permalink)  
Old 01-07-2009, 01:04 PM
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It's very unfortunate! But I don't think other Indian IT companies (or Indian s/w industry in general) are in trouble! Which country does n't have its own share of such incidents?.....US also has seen it's own Enron & WorldComs!!
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Old 01-07-2009, 01:27 PM
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Default

Quote:
Originally Posted by truthinspector View Post
Of Satyam's reported cash and bank balances of 53.61 billion rupees on Sept. 30, 50.4 billion rupees was non-existent, Raju said in the letter sent to the Bombay Stock Exchange.
oh..is that true..
I tired to read economic times and couldnt understand how much they cooked.

sucha big scam..employees will be on the edge now
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  #9 (permalink)  
Old 01-07-2009, 01:31 PM
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Yes, unfortunately the clients (mostly US based ) react quickly and negatively to such news because much work happens offshore. The board members of the client organizations are bound to raise questions about reliability of doing business with such a company.Due to this new contracts may be hard to come by.

I feel sorry for the employees.

Quote:
Originally Posted by gimme_GC2006 View Post
oh..is that true..
I tired to read economic times and couldnt understand how much they cooked.

sucha big scam..employees will be on the edge now
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  #10 (permalink)  
Old 01-07-2009, 02:08 PM
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A major IT company making just 3% profit margin for last 8 years??? Howmany think its true? To me it just can't be. The original 40%(not sure of exact %) is more realistic and along lines with other major IT operating from India base.

He(they) planned it all along I guess. Meticulously diverting(swindling) cash to their hands. Once market gone worse and knowing it remains so for sometime to come, they can no more see such money flow into their hands. So wanted to make a safe exit by selling their own company ( which interestingly named reverse of 'MAYTAS'-'SATYAM' - they probably know this will happen and its going to reverse the future of SATYAM ) and recording those swindled money under this asset in the name of 'bookvalue'.

I hope whatever body goes into investigating this fraud, goes deep in and traces every(atleast some) 'real' penny that might have made its way out to classify this a 'fake' profit is found and returned back to the true 'stake' owners. More importantly, whoever deliberately crafted this, should be penalized such that it remains a deterent to others stealing publics money and their future. This is a testing time for India to prove they are relaible investment nation with a sound law to enforce better business environment.
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  #11 (permalink)  
Old 01-07-2009, 03:01 PM
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Default Irony of life

Satyam in tamil means truth. However, the company CEO is now known for Fraud......how ironic.
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Last edited by rb_248; 01-07-2009 at 03:04 PM.
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  #12 (permalink)  
Old 01-07-2009, 03:09 PM
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Default Very Bad for Satyam employees..They shd take take steps to move on to other companies

Very Bad for Satyam employees..They shd take take steps to move on to other companies

Some idiots will still try to be with them hoping, some thing ood maay happen.


Pls pls pls guys, pls take steps to secure your future/career/life.
Do not be spoiled by them. You were already.

But pls take steps to do damage correction by moving to other companies with h1 transfers.

L1/B1 s - sorry guys. Nothing can be done until quota starts again.
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  #13 (permalink)  
Old 01-07-2009, 04:04 PM
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gcformeornot will become famous soon enough
Default in general

its bad for everyone. Imagin what it will do to job market. Those many people looking for jobs..... same time......
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  #14 (permalink)  
Old 01-07-2009, 04:37 PM
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Default

Well what happened here in US when Enron and all these financial giant failure.

Well Said GCA, I think it is another good test for Indian government to their guts and do justice (may sound Naive but ...) for folks who are effecting by this. They should not loose this opportunity.
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  #15 (permalink)  
Old 01-07-2009, 04:41 PM
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Default

Looks like Satyam is worried about upaid case. They are not able to digest paying billions of dollars in court settlements. Hence the drama.
Otherwise where does all the money goes???
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