Satyam, probably not a accounting fraud

Few days back , satyam announced that it had cash balance of $1.6 billion dollars and tried to merge with maytas by giving cash of 1.3 billion dollars.
Suddenly now Mr.Raju claims that satyam bank balance was a accounting fraud which is not believable for 2 reasons:

Reason as why Raju want to merge with MAYTAS infrastructure is because because maytas is under financial stress and it needs a cash which Satyam computers has it so they tried to merge the two companys which did not work out.

Since the above scenario did not work out probably Raju might has transferred all money to his son/relatives or proxis in the form of payments in the past 3 weeks (remember they postponed board meeting too ...) and now claims that it was a accouting fraud which is easier to make people believe. My gut feeling is they looted the money and now claiming it is a accounting fraud. Lot's of politicians (TDP, Congress, BJP) topmost guns have stakes in MAYTAS, so probably it was kind of match fixing. Government should investigate all transactions including maytas directors , satyam directors and satyam relatives from past one year to find out if shady transactions have occured.

I SUSPECT A BIGGER SCAM TOOK PLACE WITH THE HELP OF POLITICIANS. I did not understand whey Raju has to openly admit there was accounting fraud when nobody has raised questions on satyam's accounting or balances. The guilt admission is only to divert the bigger scam i believe.

Also he said he funded somewhere around Rs 1250 cr on his own for Satyam to operate even it was making losses....simple questions

1) Why would he fund 1250 cr on his own to dead elephant? Where did he get that money from?

2) Was he playing GOD to do so? If he was so good from heart why would he hide truth from many many year?

3) And on top and most important of all - do you believe PwC would have done this big mistake in a/c for many many quarters? PwC is also doing a/c for many companies which are part of Nifty 50 too...are they fool?

4) Why no-one is coming forward or encouraged to take over Satyam (in the past even loss making company have been acquired and selvaged..where are those MBAs from IIMs?)?

It is surely fishy !

They want it dead now so that they can loot that money...in the end, I feel pity about 53000 employee, crores of share holders, hundred of clients etc

Unimageable damage ! Now, India as such has big black dot on it's crown for months to recover from...

Short..Short..Short..all stocks now...we are seeing Sensex to 6000 and Nifty 2200 faster then one would have ever imagined !

Bro a simple request people are already very tense
Dont try to create panic with baseless things short short short
why short You can say exit from holding if people in profit but dont provoke people specially newbies .It can b really bad for them
God bless u too

and what will be the futue of satyam .

Shresti....You could be right..but how about this angle - May be Satyam did not have any money in their books at all and to cover it up they tried to merge with MAYTAS so that over the period of time, "artificial" transfer of money from Satyam to maytas can be shown as cash transactions in the books of Satyam and hence cover up inflated cash figures which actually was not there...but because the merger could not happen and many companies looking to take over Satyam were planning to or started scrutinizing the books of their accounts and hence he was forced to admit this fraud.

Just my thought...I know indian political system is capable of any scan and fraud and cover it up in any way they want...

Leave satyam bai, What may it effect on FII psychology.. What is the US impact on other indian IT company. what is the future of Indian market and fii inflow? what is the future of BPO offices in india?

Think other companies leaving satyam...the laier

RAM MYNAMPATI expresses shock about the revelations. He is a another fraud. Being a president of a company you would know what income you are generated where the money is comming from ? how can some body says "I dont know what revenues we are generating and how much profit we are making ? " being a president of a company. A criminal case should be booked on all directors of Satyam. If a president of a company says he doesnt know if the numbers are right or wrong and he is entirely relying on PWC for numbers then he is not fit to be president.

RAM MYNAMPATI is another fraud just pretneding innocent. He should be investigated too and they have put the company again in the wrong hands. It is like Lallu prasdad transferring power to his wife. It doesnt make difference.

Recently CM Rajsekhar redddy has given clean to chit to MAYTAS and he is king of all scamsters, he broken the old barriers of scams and swindling 1000's of crores in the name of agricultural projects and his son has good hand in MAYTAS deals. You can guess why he sent letter to PM to rescue Satyam group.

Praveen,

Don't jump the guns...please read it carefully what I expressd...the intention is not to hurt anyone or create panic....i am more concern then you are as i did my apprentice with Satyam as a trainee....I am praying for some miracle to happen and india's pride is saved !

rgds, Nisha

Dont worry that will b saved
There is something which only big guys know L&T N LIC still holding satyam