1. Is Satyam alone in this? My friends argue that this happens in every company which I couldnt accept. Churumuri has put up a poll with this question and most people concurred with my opinion that Satyam is a one off case. And ofcourse Nasscom, the torch bearer for Indian IT has to say this. Hope it takes steps that things like this wont happen again. Just imagine if one person can hide this for these many years with not even one audit finding any fault speaks of the magnitude of things that ran behind to cover this up.
2. This is an ethical question: Is Ramalinga Raju a hero? People are lauding him saying he is a hero, for bring IT to AP, growing Satyam into the organization it is currently, the social service he does etc and funnily even for the fact that he had the guts to accept his wrongdoings. How silly.. He should have had the guts to do that the first time he got to know of the accounting fraud. But thinking in a different way, is this the way business works? If that is the case then Raju becomes a thief only because he is caught? I think we can know the answers for these questions soon if the new regulations passed will surely bring it out.
Regarding Raju, I dont think he has done anything laudable, just because you became the face of IT industry in AP, and the face of social service (EMRI, Byrraju Foundation) doesnt mean he can get away with massive misdoings. He has cheated the investors who have put their hard earned money. This lack of trust is one thing which makes him a fool, a fraud and a crook and it virtually cleans all the good name or good intentions if any.
I am just hoping sincerely that all the companies accounting is not similar to Satyam and the whole regulation and auditing is not just a farce.
Just wishing that the Satyam story will end in good merger with employees, clients and shareholders come out with minimum loss.