The +Rs.7,000 crore Satyam Computers fraud raises serious questions about the capabilities of existing systems to protect stake holders in the much touted success story of 'India Inc.' largely attributed to the fairy tale IT/ITES sectors.
The audacity and extent of falsification undertaken by Ramalinga Raju is akin to crimes against humanity, considering the huge number of innocent lives that have directly/indirectly been shatterd by several years of 'cooking books' undertaken by a single mind with criminal intent.
The disclosures made on January 7th by the now famous 'letter of confession' reveals that Satyam was being run as a "Sole Proprietory' venture of Raju hidden behind and now largely ptotected by a 'Corporate Veil' along with a bunch of greedy incompetent Board full of cronies pretending to be professionals getting paid for attending picnics in Conference Rooms.!
The unpardonable and glaring failure of PriceWaterhouseCoopers (PWC) as auditors causes much anxiety because the common perception about the role of auditors stands completely demolished.
Nothing less than life imprisonment as punishment to all past/present Board Members along with senior executives of the company who ought to have known the sordid facts disclosed by Raju and banning PWC from India will satisfay the common citizen.
The Government along with all regulatory institutions must act swiftly and without fear or favour to salvage India's prestige and Indian's credibility damaged by the 'Sole Scamster' represented by a 54-year-old US MBA.
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