Satyamma?, Raju bangaya fudgerman

Don't search the dictionary for knowing what is the meaning of fudgerman. May be next edition will have it, for Ramalinga Raju has just now given a new meaning, to the word, most apt to describe him. The latest news about him is he is not hiding and is ready to face the law.

BUT WHAT MISTAKE DID HE DO?  OK he fudged accounts. But did he profit by that, like Enron's Anderson? By boosting figures in his books, he helped the company, it's employees, it's investors and it's share holders. If what Raju wrote in his letter is Satyam [truth], then he has been doing it for years. Just think how many must have made millions thanks to the prices of the shares. If he is living in a system which had no eyes or ears or nose to see, hear or smell such a glorified falsehood, is he to blame or the system which has such feasibility. It speaks of his genius if it is true that no one was aware that he was giving a fictional balance sheet , year after a year. In fact it is beyond doubt that his Fiction was the best seller for the past seven years , year after year. Unlike all those who bought other fictions like  harry potter etc by expending  hard earned money, people who bought his fiction had profited easily. And now they are complaining.

The employees have nothing to complain, for the act of fudging, gave them more salary, repute and cosy living, for so far. And going by the letter, Most must have relaxed for long, but getting their salary. A company from no where, was established in 1997 has 53000 employees supporting atleast 2 lakh plus and is the fourth biggest IT company of India. Satyam and it's founder have done a lot for Andhra pradesh and India and have stakes in many development and social service activities of the state. No wonder some of the top feel emotionally attached to the name Satyam and are trying to retrieve.

In the coming weeks more skeletons may come out of the cupboards. May be some political color also is possible. Was YSR in Delhi on Jan 7th for a last minute firefighting or was it for some wise counseling and did Raju wait for the signal to release the Letter. Why Raju's signature is not there in the Letter? It is a known fact in AP that the Raju's were very friendly with YSR now and with Naidu earlier. Many projects has come to Maytas, thanks to this link. Is it possible that the Raju's did not try some help before surrendering? How can the CFO of Satyam be allowed to resign when he is also an obvious accomplice?

Satyam gave a presser a few minutes ago and the Interim CEO came our well in the brief. Hope he is allowed and if allowed, able to bring out the satyam about the satyam affair and also help Satyam prevail.

Many fictions have been based on Truth, but this is the first time so much fiction has come out of Truth [ Satyam]

Raju did not do any harm to the company till he released the letter. His greatest crime is not the fudging but the letter. More comments is possible only after some more light. But one thing is certain, the Government must ensure that the Raju's do not abscond and do through investigation. Also ROC and SEBI should be made accountable for future which will then make it mandatory for them to acknowledge and ascertain results of companies, based on which the public are investing in shares.

An advertising blitz should follow ensuring companies and public both in India and abroad that situation is in control.

Raju is not a petty thief. Nor is he like those who embezzled public money in financial scams. he is not like a harshad mehta who made money. Here is a man who has put his money with account just to be countable. What do you expect in a system where companies can be taken over by buying just 10% in a opportune time. The fear of takeover induced by the system is the cause for this activity and so this issue also should be addressed by SEBI. Otherwise more companies may go the Satyam way. If he is going to abide by law and cooperate, treat him with respect. He deserves it. Rest, let law take it's course.

The Damage caused by the letter is not limited to Satyam but to the image of the Country and also a huge drop nearly 2.5 lakh crore rupees in worth was witnessed as aftermath. This is nothing short of an
economic terrorism. and it is for this score that the Raju's should be booked. The government should have some secret committee or an open one to address any emotional or real issue or fraud ,when confessed and limit the damage and panic created by an open confession. There are many huge companies and it is the duty of the government to protect it's citizens and their wealth.

See - How did they do it? 
Nobody wants Raju to leave Satyam news till 31/12/2008. 

To be continued, satyamaga