Biggest fraud in the recent history of India after globalisation, which to some extent shows the dark face of capitalism, too much of liberty/ non regulation is dangerous is the underlying message.
we have seen financial meltdown happened to USA, Europe etc , thus causing jobs loss, uncertainity in stock market. In India size & scale of Satyam fraud has opened many q's , which needs to be plugged. What was SEBI doing all these years. One I-T officer was transferred when she tries to unravel the mystery of Ramalingam Raju, case was referred to police , which removes many relevant documents , then to SFIO then to CBI , no coordintion between agency ; SEBI was not allowed to interrogate & investigate initially. Auditors of International fame PwC were paid unusually high to keep their mouth shut. But the delay in Satyam's future will be as damaging as the fraud itself. Govt. in a fix in election year about 53000 odd workforce. And whose responsibility is it anyway.
L&T raised share from 4% to 12%
Final Outcome - R.Raju behind bars for some time the come out on bail.
N.vittal used to say when the going gets tough the tough go to govt.
