Dear Moderator
Satyam Fraud is a clear case of in-disproportionate greed of Satyam Chairman
and undue desire to retain control of the company with minority shareholdings
by hooks or by crooks, complete failure of good corporate governance, failure
of exercising due diligence by independent directors/ institutional nominees,
failure and perhaps connivance of company's Auditors in not detecting and
reporting a fraud of such a magnitude and manipulations in books of accounts
and failure of regulating agencies like Company Affairs Department,GOI and
SEBI.
Satyam Fraud is the blackest day of Failure of Good Corporate Governance in
Indian Corporate History, especially in IT industry and it will take much
longer time to re -establish ourselves both in Indian and International
markets.
As usual, inquiries are being ordered/ conducted into the whole fraud and the
bug will be passed on to system failures, due diligence not being exercised
by board members, Auditors, etc.
Need of the Hour is to complete the inquiry at the earliest, fix
responsibility, take prompt and exemplary punitive action against Satyam's
Chairman, MD and other concerned Executives, Board members and Auditors and
corrective follow up policy and regulatory steps.
The biggest challenge is as how to save the business of the company and
secure the interests of its more than 50000 employees and other stake holders.
Thanks and regards
G K Agrawal
