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The Beginning of the End…

January 8, 2009
by

Nobody knows what has happened and how did it take place. But our basic nature prompts us to have an opinion about everything. Quite naturally, an event of such gigantic magnitude is bound to invoke an insatiable fury. But if you think about it, it’s ironic in everything imaginable. Here’s a build up of events which have taken the 4th largest Indian IT company from riches to rags.

Although the actual debacle started months ago, the chunks in the armour started appearing in the month of December. This report on NDTV.COM lists down day to day developments of the debacle which began on 16th december when Satyam announced its plans of acquiring Maytas for a staggering 1.6 billion dollars, which would have eliminated all possible liquid cash in the company. And what happened next is as they say…skeletons tumbled out of the box. Investors reacted violently forcing the management to abandon the deal. And 21 days later, the final nail on the coffin came in the form of Ramalinga Raju’s shocking revelations about what exactly happened behind the curtains.

It’s like building a dam in the middle of an ocean…nobody has a clue what’s happening. And in the coming few days, as the company faces sharp criticism from all quarters, only some remain to steer the ship in this perfect storm…

Note: If you are one who is watching the ship sink, also remember that one day you will be in a boat in the open sea.

If you are one who’s on the ship right now…well, I am no one to advise you…you know what’s best!

And if you are not in any of these categorizes, and still cannot help venting out your frustration…then…just go fly kites!

Amen,

Hemanth

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5 Comments leave one →
  1. January 8, 2009 11:22 pm

    I think he is still lying. The fraud that he is talking about is a simple fraud which is not so easy to hide. I am sure the auditors could have easily detected this fraud. Mint has an interesting perspective. They say that based on what he’s said, it’s impossible that Satyam would be operating on such a low operating marging of 3%. Hence the only logical thing is that he has siphoned off the money and this whole thing is a charade.

  2. Hemanth permalink*
    January 8, 2009 11:31 pm

    I am not sure if he has siphoned off the money…but if you say that operating on a margin on 3% is impossible to operate on…then the only other option is that he must have invested his own money to run the company…anyway, lets see what happens…already loads of investigations have been ordered.

  3. Hemanth permalink*
    January 8, 2009 11:35 pm

    @Rk: Btw…your site is damn good! Do you own the site? Or just contribute to it?

  4. madhuri permalink
    January 9, 2009 12:41 pm

    I still cant believe that all this happened.Hemanth, too good yaar ur blog

  5. Hemanth permalink*
    January 9, 2009 12:52 pm

    @Madhuri: Yeah Madhuri…none of us expected such a disaster! Worst part is, it has hit us like a bolt and no time to recover!…:(…Hope things will ease a bit in the coming days with some support from Media…for now, they are minting money selling Satyam’s stories!..

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