“What Business Demands”, “Play the game, transform the business,” “our people make the difference”, says the blue hoardings of Satyam Computers greeting the passengers at different places in India and across the world where they are making their business. On January 7, the taglines have acquired strange and weird meanings when the internal games in SATYAM Computers were burst out.
While resigning to his post of Chairman, Byrraju Ramalinga Raju admitted to fraud and that he has been cooking the books deliberately. The scandal of the fourth largest IT vendor in India wipes out the stock markets of India and the US within few hours of time.
On a whole, Raju overstated Satyam’s revenue to exhibit higher profits for better valuation. He scripted the largest scandal in Indian IT sector which involves 7,136 crores of miscalculation.
The financial ‘wrong-doings’ made Raju to admit himself as a corporate culprit as an aftermath of the aborted acquisition of Maytas Infra owned by his son. Sources said that Raju has successfully orchestrated a fraud by falsifying accounts.
For a while, the future of approximately 53,000 employees was in Corporate Trishanku, which is made by their Chairman, Raju. But taking over the authorities by Central Government of India made them to be comfortable on their seats atleast for some time.
Today, a new fullform is buzzing around for SATYAM – Stealing And Transferring Your All Money.