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"It defies logic, one is not sure whether there is much more to it than is written in the letter and whether the letter contains all the facts," KPMG Chief Operating Officer Richard Rekhy said here on the sidelines of a CII function.
It is too simplistic at the moment to believe that the kind of thing that has happened in the company is done by Raju alone, he said.
"It requires a whole battery of people to advance those accounting entries and credit those because you have to involve other people as well like bankers to get those certificates," he said.
When asked whether Raju might have siphoned off funds and he is now admitting to lesser crime, he said it is quite possible but it could be known only after investigation of group companies.
Rekhy said investigation of Satyam companies should be done in such a way it should not hamper the business of IT major. He emphasised the need of an oversight agency for auditors.
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ALL THIS SATYAM SAGA IS SUSPICIOUS. WHY MR RAJU HAS CHOSE THE TIME OF 0900AM TO REVEAL THE FACT WHY NOT 0330PM. ALL THIS IS STOCK GAME WHICH IS ABOVE THE COMMON IVESTORS IMMAGINATION. AND I FEEL GOVERNMENT STAND AGAINST RAJU IS ALSO VERY SOFT.SEE THE NEWS. RAJU MAY BE AVAILABLE AFTER 2DAYS FOR ENQUIRY. SHANTANURAO KIRLOSKAR WAS TAKEN FROM THE HOME WHEN HE WAS 80YEARS OLD BY VP SINGH....
this problem is foucsed for any employees.else employees are saved.no need to change they carreer for various company
Iam not sure how much facts/figures will come to light, political clout of Sathyaam may even hamper investigations affecting the criminal proceedings reaching logical end of conviction of the accused (How many?). God alone help this country and his poor investors!!!
The investors invest for the development and prosperity of any industry. Mostly they are attracted towards the advertisements and projections made by the industry. The employees dedicate their sincere services for profitable productivity. Further the name and the fame of the industry/establishment will reach every corner of the globe when the corporate executives and the board of directors contribute their wisdom for the purpose.The corporate frauds, in no time, swallow the energy, employment fame, name and what not from the investors and the employees!Hence the Government must look after the investors’ and the employees’ care as normal as, till the enquiry/probe is completed ensuring the productivity is not suffered.
The investors invest for the development and prosperity of any industry. Mostly they are attracted towards the advertisements and projections made by the industry. The employees dedicate their sincere services for profitable productivity. Further the name and the fame of the industry/establishment will reach every corner of the globe when the corporate executives and the board of directors contribute their wisdom for the purpose.The corporate frauds, in no time, swallow the energy, employment fame, name and what not from the investors and the employees!Hence the Government must look after the investors’ and the employees’ care as normal as, till the enquiry/probe is completed ensuring the productivity is not suffered.
From here onwards, only corporate houses of the highest integrity, best regarded corporate governance and ethical standards will enjoy investor support. Expect stocks of "sexy" companies to be liquidated and a flight of capital to trusted corporations. There will be a big churn in the Indian capital market going forward. This will reward the honest will lower priced equity capital and punish the sleazy with low stock valuations.
May be my innosense to feel like this. I too feel that more than a monetory fraud that to by an individual Mr. Ramalinga Raju there can be some thing else in this fiasco and he himself is getting scapegoatted. I have admiration on him. He has built up this Empire and he himself dethrones it? I do not I am right or wrong.
Sunil might not be a green card holder but a poor fellow here who is so frustrated that he has never got a chanve to visit US or Europe
Crime in an open democratic setup is not surprising, but punishment should be examplary. Unfortunately, in India, the legal system is full of flaws, easy going and eveyone including people and system forget. This make the things worst.
Indian audit process is far more conservative than American or British. There has been bigger and more frequent scams in USA and UK. We mush punish the corrupt individual. There's nothing wrong with the process and majority of the auditors.
The Govt Authority should find the over all asset and properties of R. Raju and His family. Sell them and raise money and ensure that employee are compensated , even if they lose job. I am sure the family as of today must be having more then 1500 crores worth of assets. Further same should be done with other board of directorsas it foolish of them to say that they were not aware.
Satyam fraud has thrown open the question as to how safe the public money are in the hands of private corporate entities and even in Govt owned corporates. It has put a question mark to the functioning of the Chartered Accountants and big Audit Firms. It is a known fact that most of the private audit firms who are appointed as statutory auditors by different companies on the recommendation of CAG do not do their job professionally and they indulge in burshing the shortcomings and warping up huge frauds for some consideration. The country needs to look into the audit reports for all major corporate entities in light of this Satyam fraud.Further, the policy of having more than 50% independent directors in the board of a company needs to be enforced urgently.
This serves the corrupt and fraudulent Indian companies right. I can almost be certain that similar situation exists in Infosys, Patni and WIPRO. These are all apparently, acording to my opinion, corrupt companies involved in accounting, hiring, business process etc. malpractices and fraud at various levels. Indian businesses reek of corruption like the whole political and social environment there... one faces corruption at every stage of life ..even for the simplest of activity. I hope all US and EU companies immediately cancel ALL their outsourcing and local resource augmentation plans immediately and cancel their visas send all those people packing back to India.
Hey Selfish Sunil. So, you want this to happen so that you Green card holders can extract more dollars by doing less. Don't think Obama and his team are fools.
KPMG and the likes will do well to adhere to the strict practices of auditing instead of glossing over the information put forward by managements to proclaim "zero impact" of slow down etc.It may be prudent to re-check the BSs of Infy and Wipro if KPMG do not want to get their image tarnished later as in case of PwC.
If Satyam has been showing false accounts then what the auditing firm KPMG was doing ! What is the role of Auditors ? How can KPMG wash off their hands expressing innocence. What did they audit in the last 3 years ?
It is very simple to unravel this. Call the CA who has signed on behalf of the audit firm, along with all the audit working papers, question him and within one day you can find out all about the fraud. It is not a rocket science to unravel the entire thing.
Beware my fellow Indians! "Satyam" continuing episode is just a mirror image of what our respectable "Bharat Sarkar" does mostly in the name of serving the poorest of the poor! "Yada Raja, tha-ta Praja"! If it is true that Satyam means "asatyam" in this part of India Inc., we should start worriing about what is true in the vision motto of "Satya-meva Jayate" of our ruling class! Vante mataram! Jai Hind!!