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Satyam

Chetan Parekh
Ranch Hand

Joined: Sep 16, 2004
Posts: 3636

Sanskrit : Satyam Shivam Sundaram
English : Truth is God and God is beautiful


My blood is tested +ve for Java.
R K Singh
Ranch Hand

Joined: Oct 15, 2001
Posts: 5370
you naughty boy


"Thanks to Indian media who has over the period of time swiped out intellectual taste from mass Indian population." - Chetan Parekh
Vikas Kapoor
Ranch Hand

Joined: Aug 16, 2007
Posts: 1374
Maytas
David O'Meara
Rancher

Joined: Mar 06, 2001
Posts: 13459

Please provide an English translation (as Chetan did) or the post may be deleted.
Vikas Kapoor
Ranch Hand

Joined: Aug 16, 2007
Posts: 1374
David O'Meara wrote:Please provide an English translation (as Chetan did) or the post may be deleted.
You can search on the internet. It's a name of the company. :P
R K Singh
Ranch Hand

Joined: Oct 15, 2001
Posts: 5370
Satyam is a name of IT company which is in (great)trouble since yesterday. It is the 4th largest IT company in India with Employee strength up to 53000.
Satyam had also step-sister company named Maytas (opposite/palindrome of satyaM). When CEO of Satyam wanted to acquire this Maytas legally then this scam came in to light.

This, one of biggest corporate fraud in India, is being compared with Madoff and Enron.

Snap shot of story can be found at:
http://www.financeasia.com/article.aspx?CIaNID=92268
http://www.pluggd.in/indian-it-industry/satyam-maytas-deal-palindrome-syndrome-3442/
chetan dhumane
Ranch Hand

Joined: Jan 07, 2009
Posts: 629

Vishal Pandya wrote:
David O'Meara wrote:Please provide an English translation (as Chetan did) or the post may be deleted.
You can search on the internet. It's a name of the company. :P


fine


http://www.androcid.com/
Mandar Khire
Ranch Hand

Joined: Sep 11, 2007
Posts: 485

:roll:


Millions saw the apple fall, but Newton asked why.
If you understand, say "understand". If you don't understand, say "don't understand". But if you understand and say "don't understand". How do I understand that you understand? Understand!
Maneesh Godbole
Saloon Keeper

Joined: Jul 26, 2007
Posts: 9990
    
    7

chetan d d dynamic wrote:
Vishal Pandya wrote:
David O'Meara wrote:Please provide an English translation (as Chetan did) or the post may be deleted.
You can search on the internet. It's a name of the company. :P


fine


"Chetan d d dynamic"
Welcome to the ranch. We are happy to have you here.
On your way in, looks like you missed out on our naming policy which says that your display name should consist of a first and last name and should not be obviously fictitious.
Could you please adjust your screen name to comply to the same?
Thank you.


[How to ask questions] [Donate a pint, save a life!] [Onff-turn it on!]
Sujai Kaarthik
Ranch Hand

Joined: Dec 29, 2008
Posts: 162
A corporate truth has been unfolded. I wonder whether Sathyam would exist or not hereafter!


The greater danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it
Sujai Kaarthik
Ranch Hand

Joined: Dec 29, 2008
Posts: 162
Raju says "I am ready to face any legal actions against me". He also says that aquistition of Maytas would have solved this problem.
aruna sydu
Ranch Hand

Joined: Jan 21, 2008
Posts: 98



Some times situations make us go for wrong things.

Until yesterday A person who is the founder of the 4th biggest company in India , a visionary , a man of idea
who created jobs for 53000 people is now accused of fruad today.

He is even a philanthropist

Attitude Determines Altitude

SCJP4/SCWCD4/SCDJWS5/Preparing SCEA Part I
Arjun Shastry
Ranch Hand

Joined: Mar 13, 2003
Posts: 1871
What I read was Raju was fond of land.With the help of Naidu and now Reddy he made huge money by selling land which later became his obsession.In every state more or less businessmen/politcos run the same policy.Purchase the land at cheap rate,introduce policies/initiatives for Business Parks/IT Parks/township and when rates go up, sell them at >300% profit margin.Its lucrative than IT/retail/hotel business.


MH
Joe Harry
Ranch Hand

Joined: Sep 26, 2006
Posts: 9243
    
    1

The news about Satyam has come to this Meaningless Drivel. What a shame!


SCJP 1.4, SCWCD 1.4 - Hints for you, SCBCD Hints - Demnachst, SCDJWS - Auch Demnachst
Did a rm -R / to find out that I lost my entire Linux installation!
Chetan Parekh
Ranch Hand

Joined: Sep 16, 2004
Posts: 3636

Raju Raju
Yes Papa
Cheating us
No Papa
Telling Lies
No Papa
Open the balance sheet
HA HA HA

Sujai Kaarthik
Ranch Hand

Joined: Dec 29, 2008
Posts: 162
We should feel ashamed of having such frauds. Lets hope its a one-off
Mandar Khire
Ranch Hand

Joined: Sep 11, 2007
Posts: 485
I am not from that field so i have one problem
When i read balance sheets many companies in many news papers. but how we can understand that are true. means from this incidence i suspect every balance sheet. :?:
like we understand Intel original board due to its logo on board. or any bank website due to security certificate! how i believe on balance sheets! :!:
till few days ago i assume, they give their details to reputed new paper means they are saying true!
No i suspect every company!
Ravikanth kolli
Ranch Hand

Joined: Feb 10, 2008
Posts: 179

Well it being one of the biggest frauds in India, the Chairman and CEO is still sitting home without any action..

-kolli
Vikas Kapoor
Ranch Hand

Joined: Aug 16, 2007
Posts: 1374
Ravikanth kolli wrote:Well it being one of the biggest frauds in India, the Chairman and CEO is still sitting home without any action..
Not really...
R K Singh
Ranch Hand

Joined: Oct 15, 2001
Posts: 5370
Mandar Khire wrote:but how we can understand that are true.


I heard another day on NDTV Profit that there are three rounds of audit for balance sheet.
One has to be outside, independent audit, in this case it was priceWaterCooper company who did audit.

I dont blame Raju. He was the actual owner of Satyam, and now he wanted to buy Maytas (for what-so-ever reason). He was denied this by people who dont own the company.

He did what any person would do if he is denied of his own income.

He destroyed it and ready to face laws of the land. (I wish he absconded, but alas ...)

I dont see anything wrong in what Raju did.
sudip narayan
Greenhorn

Joined: Apr 18, 2004
Posts: 15

He owns a small stake of 8 - 8.5 % which is now down to 3% . If he had wished to own it and control its direction he should have retained a stake of 70-85 % like azim premji does in wipro. The suggestion that he did nothing wrong defies logic .

regards
Joe Harry
Ranch Hand

Joined: Sep 26, 2006
Posts: 9243
    
    1

R K Singh wrote:
Mandar Khire wrote:but how we can understand that are true.


I heard another day on NDTV Profit that there are three rounds of audit for balance sheet.
One has to be outside, independent audit, in this case it was priceWaterCooper company who did audit.

I dont blame Raju. He was the actual owner of Satyam, and now he wanted to buy Maytas (for what-so-ever reason). He was denied this by people who dont own the company.

He did what any person would do if he is denied of his own income.

He destroyed it and ready to face laws of the land. (I wish he absconded, but alas ...)

I dont see anything wrong in what Raju did.


Like the above post says, it is your own money when it comes to you holding 80 to 90 percent stake. You were not in a position to hold high stakes and just for the reason that you founded it, will it be wise to do what has just happened? It's now not your money and any misappropriation of such a huge investors amount is punishable.
R K Singh
Ranch Hand

Joined: Oct 15, 2001
Posts: 5370
If he owned only 8% then why only he was held guilty?

I can think of his struggle back in 1987 to start IT company.
He made that company to be 4th largest IT company in India.

He created it and now he destroyed it. (for me, for valid reasons)

An artist must have right to destroy its own creation.
David O'Meara
Rancher

Joined: Mar 06, 2001
Posts: 13459

The threads have converged, so I am closing this version.
Please see http://www.coderanch.com/t/425217/Jobs-Discussion/Indias-MadoffSatyam
 
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