1. Have an Interesting Snippet to Share : Click Here
    Dismiss Notice

(A)Sathyam Fiasco: Ramalinga Raju is More Efficient than the Lakshar-e-Taiba

Discussion in 'Wednesdays with Varalotti' started by varalotti, Jan 8, 2009.

  1. Malyatha

    Malyatha Gold IL'ite

    Messages:
    1,240
    Likes Received:
    99
    Trophy Points:
    103
    Gender:
    Female
    Neenga vayatherichal party-nu yaar sonna Sridhar Sir? Naa TV-la paathatha sonnane. I am sure you would have been upset yourself to see the glee with which the man announced "IT-la recession vantha-tha naa patasu vedichu, innipu saptu kondadinay. Avalavu aatharam antha pasanga mayla yennaku. Recession vanthu antha pasanga kashta padratha paathu-thaan yen aathram adangithu!"

    I was thinking... WOW! What utter vindictiveness! What if one of these 'pasangas' had been your anna or thambi or maama or machan?

    Yennoda postings-a naa unga mayla-yo illa inga contribute pandra vera yaar maylayo direct pannala. Yennoda kovam yellam manasatchiyay illa-ma aduthava kashta padratha paathu kulir kaayara sila eena piravigal mayla thaan.
     
    Last edited: Jan 12, 2009
  2. varalotti

    varalotti IL Hall of Fame

    Messages:
    9,047
    Likes Received:
    1,238
    Trophy Points:
    340
    Gender:
    Male
    Oh, thanks Malyatha. I could sense some kind of anger in your posts. And so I was a little defensive.
    Just on the side. Malyatha is a very rare, good name. It's Andal's name and you have rightly assumed Andal in your avatar.
    You should probably be knowing that the King Krishna Devaraya himself translated thiruppavai into telugu and he called it Amuktha Malyatha.
    And there is a close connection between the King, Andal and our native place Varalotti. For details please read this thread

    http://www.indusladies.com/forums/v...rial-stories/5349-varalotti-on-varalotti.html

    love,
    sridhar
     
  3. Malyatha

    Malyatha Gold IL'ite

    Messages:
    1,240
    Likes Received:
    99
    Trophy Points:
    103
    Gender:
    Female
    Interesting to read the connection between Varalotti and KDR, Mr. Sridhar.

    Andal is my ishta devata and it was with great pride that I named my daughter Malyatha after her. On this Poornima day in Marghazhi, I am moved by the memory of the greatness of KDR (as outlined in your thread) and and am over-awed at how this man, out of many millions, is considered to be a son of our own Naachiar.
     
    Last edited: Jan 12, 2009
  4. varalotti

    varalotti IL Hall of Fame

    Messages:
    9,047
    Likes Received:
    1,238
    Trophy Points:
    340
    Gender:
    Male
    Further Developments:

    The first board meeting of the newly constituted Board is on. The new Directors Kiran Karnik, Deepak Parek and Achuthan reached Hyderabad on Sunday night.

    We don't have any sure information. But the market grapevine says that the Government is hell-bent on saving Satyam. A comprehensive bail-out package too has not been ruled out.

    The first agenda of the Board will be to elect a chairman among the three. Then it would review the current working arrangement - whether Mynampati can continue as the CEO or should there be a change in the operational team. The next item in the agenda will be to go to the bottom of the "overstatement" issue and come out with a "restatement" of accounts.

    Let's keep praying for the employees.

    love,
    sridhar
     
  5. su_si08

    su_si08 New IL'ite

    Messages:
    22
    Likes Received:
    0
    Trophy Points:
    1
    Gender:
    Female
    Dear Sir,


    On the lighter side here is a nursery rhyme which goes with Mr.Raju.

    Raju Raju sat on the wall
    Raju Raju had a great fall
    Balance sheet died
    Shareholders cried
    Raju Raju made a fraud

    Thanks,
    Susi.
     
  6. kolli143

    kolli143 Senior IL'ite

    Messages:
    336
    Likes Received:
    2
    Trophy Points:
    20
    Gender:
    Female
    Dear Varalotti,

    As usual you have hit the issue in the heart. Thank you for analyzing the situation for lot of us who do not pay attention to the newspaper jargon.

    My heart goes for all the employees at Sathyam who are innocent and were in illusion that they made their carriers in that company.
    I pray that they get strength to move on in their lives.
    I sometimes wonder, why would anyone trash their whole life earnings like Raju did. Getting up a company like Satyam on NY stock market is no less thing. It can be done by an only one in a million person. So how in the world did he get carried away from that great personality to a hard core terrorist? Yes he is no less than a terrorist. Taking down the faith of millions of investors and the 53k employees and denting a hole in the entire Indian economy. Wow a common man with common brain and thoughts will never be able to device that. It is sad that our country had to fall into the Enron kind of trap.
    Have a wonderful day
     
  7. varalotti

    varalotti IL Hall of Fame

    Messages:
    9,047
    Likes Received:
    1,238
    Trophy Points:
    340
    Gender:
    Male
    Most Gracious ILites,
    Two developments are worth noticing. One PWC top-brass is travelling to India to do some kind of damage control.

    Number two, New York Stock Exchange has decided to delist the ADRs (depository receipts) of Satyam in view of the fudging.

    Technically, the US Security Exchange Commission (SEC) the counterpart of SEBI can take action against Ramalinga Raju. As Raju is an Indian citizen who is still in India it has to seek his extradition from the country. I don't think US would do that. Because anyhow Raju is going to be punished here. And probably they may use this to defame the Indian IT industry. Raju was earlier viewed as the biggest stealer of jobs from the US. The US media is now casting doubts on the very system of oversight we have in India

    This is what New York Times has to say in conclusion:

    Analysts have their doubts about Satyam's ability to meet its salary bill (Rs. 550 crores) due end January 2009. The Board will have to identify an accounting firm so that the real state of affairs is known. Only after that the company can approach bankers for its working capital needs. With the Prime Ministers Office directly involved, banks funding Satyam's operations may not be a problem.

    love,
    sridhar
     
  8. varalotti

    varalotti IL Hall of Fame

    Messages:
    9,047
    Likes Received:
    1,238
    Trophy Points:
    340
    Gender:
    Male
    Dear Swathi,

    (Having such a beautiful name how did you choose kolli as your user ID? Does it refer to the kolli hills?)

    Thanks, Swathi for the kind words. Yes, the Satyam employees are the ones we have to pray for.

    There are two basic emotions in man - fear and greed. And if he acts on either of them, it will neither be wise nor kind. In this case it was pure greed that motivated Raju to do something like this.

    In terms of the extent of fudging and the type of manipulation Satyam is like Enron. But the approach Indian Govt adopts is not like that of its US counter part in Enron. In the US people (read: lawyers) were sent to Enron only to perform the funeral. But here we have sent people to revive the company. Satyam may not be restored to its former splendour but as of now the chances of survival are really bright.

    Let's wait and see.
    love,
    sridhar
     
  9. AmritaPoorni

    AmritaPoorni Bronze IL'ite

    Messages:
    116
    Likes Received:
    38
    Trophy Points:
    48
    Gender:
    Female
    Hi Sridhar Sir,

    You are almost of the age my father would have been now if he was alive. So please do not say such words like "sorry, if I had taken so much liberties".

    After so many stories that I have read about you and after so many interactions with you through FBs and replies, I somehow respect you a lot as a person.

    When I came to this industry, I was not aware of so many things. Even now I cannot say I know much but at least in these 3yrs I have learnt a lot. There was no one to advice me on how to save for a rainy day and all. I had so many responsibilities that saving was out of question. But then now I have truly started taking steps for that. It is not because of this Satyam scandal. I had decided before that. But this has made my decision even more strong.

    Yes, even I had seen in the newspapers about the Govt. taking steps with the new Board of Directors. I just hope that none of the employees suffer because of this and everything is restored back soon.

    Love,
    AmritaPoorni:)

     
  10. varalotti

    varalotti IL Hall of Fame

    Messages:
    9,047
    Likes Received:
    1,238
    Trophy Points:
    340
    Gender:
    Male
    Hi Amrita,
    I took a liking for you and knew very well that I would be your father's age, give or take a few years. That's why I took those liberties.

    I am happy to know that you have started to save. If you can't save because of some "commitments" then its okay. I am only against hard-earned money being frittered away in parties and entertainment.

    Another sobering thought is that the software industry is slowly maturing. Once it is fully matured and sufficient number of trained people are available the skill-premium might disappear. So it is better we have some kind of a cushion.

    At the same time, Amrita, saving does not mean miserliness or starving. Till our necessities are met - food, clothing, shelter and reasonable transportation - one should not hoard the money. But after that one should start thinking of a rainy day.

    Wish you the best of luck.
    love,
    sridhar
     

Share This Page