Shocker from Satyam
Ramalinga Raju’s letter of admission came as a shocker to corporate India on Wednesday morning. Outgoing CEO of the IT major admitted fraud to the tune of Rs 40 billion and said that the balance sheets had been inflated for years. He admitted that Maytas deal was the last ditch effort to get value for the fictitious assets. The development is expected to have wide ranging impact and has sent ripples across Bombay Stock Exchange. The accounts of Satyam are expected to be sealed as the day progresses….
India Inc goes into 'deep shock'
CII President K. V. Kamath said there was a ‘need to immediately examine the loopholes in regulation, accounting, audit and governance that allowed such lapses to occur and address them with urgency’. He said corporate India must ‘reflect on ways to demonstrate its quality of governance and enhance the confidence of stakeholders.’
Satyam scam: Mega corporate fraud
India Inc goes into ‘deep shock’
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