Its all about SAYTAM
The Irony lies in the name SATYAM, which means Truth
The Original truth is that Mr. Ramalinga Raju, the promoter-chairman of Hyderabad, Headquarters SATYAM Computers, also a Politically Connected person, who was lying FOr Years to the Employees, the share Holders, Building up to India's Largest Ever Corporate Fraud OF Rs.7000 Crore. SATAYM one of the top 4 IT company in India After TCS, INFOSYS, Wipro and Ahead of HCL.
How it All Started?
December 16:
SATYAM Announces its decision to acquire a 100% stake In MAYTAS properties and 51% stake in MAYTAS infra at a cost of $1.6 Billion.
It is seen as a move to bail out MAYTAS, which was also promoted by Ramalinga Raju
December 17:
Investors’ fury forces Ramalinga Raju to reverse buy out Move.
December 18:
Satyam Decides To Hold a Board Meeting on Dec. 29 to consider a proposal for a buyback of its share.
December 19:
Center seeks help from registrar of Companies to examine Satyam Maytas Deal which they thought raised the issue of violating the rules.
December 21:
SATYAM- MAYTAS fiasco puts focus on the role of independent directors who along with the board had unanimously given a go-ahead to the deal. With the new companies bill providing for 33% of such directors on the Board, questions are raised regarding their failure of carrying out their Duties.
December 23:
World Bank Prohibits SATYAM for 8 years from Doing Business on charges of Date theft. According to the World Bank It says SATYAM was banned for improper benefits to the bank staff and Lack of Documentation on invoices provided.
December 24:
SATYAM stocks dip by a sharp 19% hitting a 52 week low of Rs.114.65. Stock Loses it Value by 75%.
December 25:
Mangalam Srinivasan resigns for moral responsibility for not casting a nonconformist vote against the acquisition deal of MAYTAS. SATYAM demands an apology From World Bank.
December 26:
A speculation among the people raised that Raju may not lead the Board meeting scheduled which is to be held on December 29th.
December 27:
SATYAM puts off the Board meeting Scheduled on December 29th.
December 28:
Company considers inducting a strategic partner and selling out its shares in the $2 billion company. It announces the Appointment of DSP Merill Lynch to advice on strategic options to enhance the shareholder value. Recasting of Board of Directors was also designated.
December 29:
Two directors, Krishna Palepu and ISB dean Rammohan Rao resigns.
December 30:
Ramalinga Raju writes a letter to his Employees assuring them that company would be back on the right track. He made awareness among the employees that company did not go wrong. But it Went off.
December 31:
Managing Director B.Ramalinga Raju sends out yet another letter to SATYAM associates on New year eve stating at length, why they should be proud to be the part of SATYAM.
January 1:
Rumor’s circle around indicating that Raju may have used their 5.8 crore shares to borrow Rs.1200 crores
January 5:
Faced with uncertainty SATYAM employees consider buying shares of the company from the market in hope of saving it from a unsympathetic take over.
January 5:
SATYAM Promoters stock holding falls to 3.6% from 5.1%.
January 7:
The Bully Chairman Ramalinga Raju resigns.
All these happenings gave a good role to the Auditors of SATYAM Computers, PricewaterhouseCooper (PwC) who was making up the companies accounts for past 3 years a Lie. All one needs to prove is that auditor was a party of a fraud. If so, he can be booked under the Companies Act 1956, and The Charted Accountants Act”.
As of now the Buzz that Vivek Paul, the former Vice chairman of Wipro, might be potential CEO For SATYAM. But there is a chase for SATYAM CEO Between Vivek Paul and Jerry Rao , that who will turn as GAURDIAN ANGEL FOR SATYAM.
