Lumuhuku

Arbitary Obsessionist's Blog : Ambition is redundant. In life, mission is everything.

Ram Naam ‘Satyam’ Hai – What a start to 2009

with one comment

All of us had put the year 2008 (Read – The year that should not be ‘named’) behind us when we welcomed 2009. After having lost more than 50% in the stocks in a year, who wouldn’t??

And just then, at the very start of the year, Mr. Raju of Satyam makes a shattering disclosure that he was fooling the entire IT industry and everyone else in the world, for the last 7 years or so! The company had almost nothing at all in bank balances and assets except its workforce of 55,000. What happened to the stock was not surprising. It lost more than 75% in a single session.

 

And what does Mr. Raju have to say at the end of it all –

 

“It was like riding a tiger, not knowing how to get off without being eaten.”

 

The tiger being the company, with him riding under the fear of his past misdeeds getting back to him.

An awesome analogy to say the least.

 

But shouldn’t we sympathize with Mr. Raju’s courage to come out and admit his mistakes? After all, it takes a lot of guts to do the same.

 

I don’t think so.

 

It is quite simple. Just the fact that a person admits to have lied for several years is reason enough for anyone to suspect that what he might be putting forward as the real truth, might just be another piece of lie!

Maybe he found this the best way to get out of the soup. Maybe there are more unpleasant surprises for all of us in store.

Mr. Raju says that he never took a single rupee for himself or his family. Now that is crap. How the hell is it possible that an IT major which has been competing with other international organizations was not profitable? How the profit margins were just 3% and not anywhere near the industrial average of 25-30%? He even went on to say that they have not sold a single share of the company for the last 8 years. But it has been made publicly known that the promoters have reduced their stake from 22% to around 7% now. So, who is lying again…you get the pattern??

We have just been around 2 weeks into the New Year and still have another 50 to go. God know what shall happen next.

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One Response

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  1. Satyam Scam by far Largest Corporate Scam in India Inc.

    Satyam Scam

    January 12, 2009 at 5:23 pm


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