1. Advertising
    y u no do it?

    Advertising (learn more)

    Advertise virtually anything here, with CPM banner ads, CPM email ads and CPC contextual links. You can target relevant areas of the site and show ads based on geographical location of the user if you wish.

    Starts at just $1 per CPM or $0.10 per CPC.

Satyam Computers....A big big Fraud by its promoters!!

Discussion in 'General Chat' started by RightMan, Jan 6, 2009.

0
Page 3 of 4
  1. properpetcare

    properpetcare Peon

    Messages:
    21
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    0
    #41
    Stocks going down, terror attacks, war situation, 4th biggest comp turning out to be fraud... dont know whats next....
     
    properpetcare, Jan 8, 2009 IP
  2. sachin410

    sachin410 Illustrious Member

    Messages:
    6,422
    Likes Received:
    573
    Best Answers:
    0
    Trophy Points:
    410
    #42
    the company is a legal mess.

    the ADR holders have sued it.

    Upaid is already claiming $1 billion for alleged fraud.

    besides Satyam, all its subsidiaries and their accounts are under government scanner now.

    you may want to read what other IT companies had to say about acquiring Satyam.

    at most, other companies will buy the profitable segments of the company and let it wind down.
     
    sachin410, Jan 8, 2009 IP
  3. Live2Write

    Live2Write Active Member

    Messages:
    822
    Likes Received:
    16
    Best Answers:
    0
    Trophy Points:
    60
    #43
    Alas! What a sad end to the IT major of India!

    @Rohit patel
    Lets hope that someone saves it!

    @properpetcare
    God forbid nothing more happens dear!
     
    Live2Write, Jan 8, 2009 IP
  4. trashcan

    trashcan Guest

    Messages:
    60
    Likes Received:
    1
    Best Answers:
    0
    Trophy Points:
    0
    #44
    It was really sad what happened. Though the promoter is saying that it was a minor adjustment he made 7 years ago to keep the share prices intact and later on to hide that mistake, he had to commit bigger ones, I'd like to know what that minor adjustment was
     
    trashcan, Jan 8, 2009 IP
  5. kanwarjot

    kanwarjot Notable Member

    Messages:
    3,256
    Likes Received:
    283
    Best Answers:
    0
    Trophy Points:
    230
    #45
    Really a very tragic end to 4th largest company :(

    Here is the govt stand on employees
    source : http://in.rediff.com/money/2009/jan/08satyam-govt-will-ensure-employees-do-not-suffer.htm
     
    kanwarjot, Jan 8, 2009 IP
  6. Rohit patel

    Rohit patel Prominent Member

    Messages:
    15,771
    Likes Received:
    735
    Best Answers:
    0
    Trophy Points:
    310
    #46
    Rohit patel, Jan 8, 2009 IP
  7. RightMan

    RightMan Notable Member

    Messages:
    8,294
    Likes Received:
    450
    Best Answers:
    0
    Trophy Points:
    205
    #47
    Satyam computers stock is further down 55 % to just Rs. 18 levels this morning...

    It actually made a low of Rs. 6 !!!! :eek:

    Regards,

    RightMan
     
    RightMan, Jan 8, 2009 IP
  8. Rohit patel

    Rohit patel Prominent Member

    Messages:
    15,771
    Likes Received:
    735
    Best Answers:
    0
    Trophy Points:
    310
    #48
    Yes that means now anyone can but the stocks and can be owner of Satyam he spend big money.:D Yes I seen it and I think it's last day for Satyam in Nifty as from Monday it will be drop from Nifty.
     
    Rohit patel, Jan 8, 2009 IP
  9. dipal76

    dipal76 Well-Known Member

    Messages:
    3,074
    Likes Received:
    29
    Best Answers:
    0
    Trophy Points:
    138
    #49
    I was surprised when i heard news about SATYAM which is very big IT company in INDIA.
    What happen in future with this company in future, can any one explain me ?
     
    dipal76, Jan 9, 2009 IP
  10. gsv13

    gsv13 Well-Known Member

    Messages:
    2,773
    Likes Received:
    114
    Best Answers:
    0
    Trophy Points:
    130
    #50
    PWC must also be closed down.
     
    gsv13, Jan 9, 2009 IP
  11. sambro

    sambro Peon

    Messages:
    27
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    0
    #51
    no one can guess its impact on young corporates and future CEO s and top executives throughout the world!!!!!!!!!!!
     
    sambro, Jan 9, 2009 IP
  12. Rohit patel

    Rohit patel Prominent Member

    Messages:
    15,771
    Likes Received:
    735
    Best Answers:
    0
    Trophy Points:
    310
    #52
    Just read in news Papers that Government have dissolved the board of embattled outsourcing giant Satyam Computer. The Ministry of Corporate Affairs dismissed the board, including the company's interim head now and will announced new team soon. Only two people from old board will keep their place in new board.
     
    Rohit patel, Jan 10, 2009 IP
  13. wisdomtool

    wisdomtool Moderator Staff

    Messages:
    15,825
    Likes Received:
    1,367
    Best Answers:
    1
    Trophy Points:
    455
    #53
    To me India corporate famous names are Mittal Steel, Tata, Infosys, Reliance and Satyam, especially Satyam is where my India office is, Hyderabad. So it is kinda scary for overseas investors like us.

    India is flying I hope this incident won't tarnish India too greatly. Hopefully corporate governance will be tighten and the end result is a much more trustworthy system in place.


     
    wisdomtool, Jan 10, 2009 IP
  14. Rohit patel

    Rohit patel Prominent Member

    Messages:
    15,771
    Likes Received:
    735
    Best Answers:
    0
    Trophy Points:
    310
    #54
    Well experts from Morgan Stanly Spoke on CNBC TV that this would help to correct loop holes of Indian corporate. I also believe same thing and this board will now take over from new directors set by Government.
     
    Rohit patel, Jan 10, 2009 IP
  15. wisdomtool

    wisdomtool Moderator Staff

    Messages:
    15,825
    Likes Received:
    1,367
    Best Answers:
    1
    Trophy Points:
    455
    #55
    It is a good thing to learn from the mistakes, and I hope they really learn from this and enact more laws to ensure greater corporate transparencies and more importantly I hope that the vast numbers of Satyam employees will not be affected. It will be a nightmare if they are retrenched at this time when the global economies are all going down slope.

     
    wisdomtool, Jan 10, 2009 IP
  16. Rohit patel

    Rohit patel Prominent Member

    Messages:
    15,771
    Likes Received:
    735
    Best Answers:
    0
    Trophy Points:
    310
    #56
    Yes and in this case employees are innocent and I wish it will be good future for them. I also want to see better corporate transparencies and I wouldn't surprise if new Government make any changes in rules for corporate transparencies.
     
    Rohit patel, Jan 10, 2009 IP
  17. Live2Write

    Live2Write Active Member

    Messages:
    822
    Likes Received:
    16
    Best Answers:
    0
    Trophy Points:
    60
    #57
    The employees of Satyam will be affected whatever be the magnitude, considering the current global slow down.

    I believe that Satyam fiasco should be regarded as an aberration of India Inc and errors like these are never repeated!
     
    Live2Write, Jan 10, 2009 IP
  18. Rohit patel

    Rohit patel Prominent Member

    Messages:
    15,771
    Likes Received:
    735
    Best Answers:
    0
    Trophy Points:
    310
    #58
    Well finally, Indian government has appointed three leading businessmen to the board of Satyam. The three new directors are Deepak Parekh, head of the Housing Development Finance Corporation (HDFC) ; Kiran Karnik, the former boss of technology trade group Nasscom; and C Achuthan, a former member of the Securities and Exchange Board of India.

    Let's so what it will impact.
     
    Rohit patel, Jan 11, 2009 IP
  19. wisdomtool

    wisdomtool Moderator Staff

    Messages:
    15,825
    Likes Received:
    1,367
    Best Answers:
    1
    Trophy Points:
    455
    #59
    Scary to see a respected company of US$70 billion capitalisation dropped to US$300 million in so short a time span. Wonder how many people went bust just because of this. Not an easy task for the trio to restore confidence, at least not within a short time.

     
    wisdomtool, Jan 11, 2009 IP
  20. Rohit patel

    Rohit patel Prominent Member

    Messages:
    15,771
    Likes Received:
    735
    Best Answers:
    0
    Trophy Points:
    310
    #60
    Yes it's true and I think this is not a solution for this since Old chairmen dry company and divert all money towards to his son's Real Estate company which could be reason behind this drama. So The company enjoyed a turnover of $40bn last year, is now fighting for its life and I believe these three men will atleast try to restore some confidence in next few months.
     
    Rohit patel, Jan 11, 2009 IP
Page 3 of 4