Will Satyam Computers go bankrupt? Raju resigns

[gforce23]

Update:
Izard Nobel LLP and Vianale & Vianale LLP have filed class action lawsuits against Satyam in the U.S.
The NYSE has suspended trading of Satyam ADRs which had fallen to $0.01.
CLSA India has valued the company, minus its debt, at $600 million as of today.

On a side note, the stats for job layoffs in private sector firms the U.S. for December '08 are out - a staggering 693,000, compared to 533,000 in November. A total of 2.4M people lost their jobs last year.

 

[thewisecrab]

IMHO the company was caught up between the devil and the deep sea. If you show real profits..you may loose investors and share price will start falling down..which anyways is not a good sign.

If you don’t want to or can not afford to take this risk, then you may probably have to take another risk of ‘fake it until you can make it’
Sadly it could not make it.

The "fake till you make" tactic is not right.
WTF was the auditor doing? How could he allow all this to take place under his nose? And even if he did know about it, why didnt he inform the press earlier?

 

[esumitkumar]

I read today in TOI that present CEO sidetsteppped the question that how margins were 3 %..

actually Raju siphoned majority of Satyam's profits in his own land ventures Maytas

 

[paragkalra]

I was first placed in Satyam...my doj was 21st Jan, 2008 but before that I got a call from Persistent and I joined Persistent on 6th September, 2007...Luck by Chance ....

 

[dd_wingrider]

@paragkalra lucky dude but not 53000 people who are working in satyam. It was in news that company is almost out of cash and there is no guarantee that employees will be getting salary after Jan. Pathetic situation, and today satyam stock is priced at Rs 19.

What a mess, Mr Raju will be punished for what he did, but innocent 53000 workers who worked their a$$ off and people who invested their life savings into their shares will be facing consequences of his misdeeds.

 

[thewisecrab]

@paragkalra lucky dude but not 53000 people who are working in satyam. It was in news that company is almost out of cash and there is no guarantee that employees will be getting salary after Jan. Pathetic situation, and today satyam stock is priced at Rs 19.

What a mess, Mr Raju will be punished for what he did, but innocent 53000 workers who worked their a$$ off and people who invested their life savings into their shares will be facing consequences of his misdeeds.

Some people believe that the moment Meryll Lynch handed in their papers, Mr.
Raju had the choice of either keeping quiet about it or exposing it.

Had he kept quiet, some firms in the US would have asked for a probe (into why Meryll Lynch quit handling Satyam's accounts), leading to the US probe finding this mess and then arresting Raju in lines of fraud.

And the penalty for fraud in US is far worse than that in India. (Remember Enron?)

Where is this coward now? Some say he is in US, Dubai while his lawyer claims he is in India.

 

[Kl@w-24]

I was first placed in Satyam...my doj was 21st Jan, 2008 but before that I got a call from Persistent and I joined Persistent on 6th September, 2007...Luck by Chance ....

Satyam had given the date of joining? AFAIK there was no batch scheduled for January.

 

[red_devil]

^ arrey Kl@w, his DOJ was Jan 2008... guess you've confused it with JAN 2009 !!

 

[Kl@w-24]

^ ^ ^ Ohh yes!!!! My mistake!!

 

[esumitkumar]

***************Raju as Humpty Dumpty ****************

Raju Raju sat up on the wall
Raju Raju had a great fall
Balance sheet died
Shareholders cried
Raju Raju made a fraud





************ Raju Raju Black Sheep *************

Raju Raju
Yes People

Cheating us
No People

Telling Lies
No People

Open the balance sheet
HA HA HA

 

[dd_wingrider]

OMFG it even went to as low as Rs 6.95

 

[thewisecrab]

I saw on NDTV that TCS has offered a bail-out for Satyam

 

[amitabhishek]

^^ Encouraging!
Just read on TOI Satyam guys will not be getting salaries for two months. Is it true? If it is true then its really sad. The employees will have so many commitments. Loans, Children school fees etc...sad

 

[Faun]

Thanks mate! I'll need it

Utilize your time now for higher studies if you like to. Best of Luck

 

[Kl@w-24]

^^ Encouraging!
Just read on TOI Satyam guys will not be getting salaries for two months. Is it true? If it is true then its really sad. The employees will have so many commitments. Loans, Children school fees etc...sad

No, that's complete rubbish. Stories flying all around the net are mostly the creatinos of idle minds. No Satyam employee has received any such letter till now.

Utilize your time now for higher studies if you like to. Best of Luck

Yeah, I've appeared in 2 MBA entrance exams. The results will be out soon.

 

[red_devil]

^ did u (Kl@w and T, anyone of u) appear for CAT ?? apparently results are out today....

 

[Kl@w-24]

^ ^ ^ By the time I woke up and went to buy a CAT form, there were none left.

 

[gforce23]

Updates:
The Raju brothers (Ram and Ramalinga) have been arrested by the Andhra Pradesh Police under a variety of sections of the Indian Penal Code (120B for criminal conspiracy, section 420 for cheating, section 409 for criminal breach of trust, section 468 for forgery and also section 471 for falsification of records). A jail term of anywhere from 7 years to life imprisonment is what everyone is expecting.
Satyam's CFO is going to be arrested on Monday.
The entire board has been dissolved and the government will nominate 10 members to oversee the company.

Link

 

[Peter99]

what about Sathyam's Staff Stats?

 

[Ecstasy]

I heard Satyam is still hiring and people are responding to the interviews.