Comments on: Ramalinga Raju - The no-frown man http://blogs.business-standard.com/vandana/2009/01/07/ramalinga-raju-the-no-frown-man/ Blog on to Indian Business Sun, 22 Nov 2009 00:28:46 +0000 http://wordpress.org/?v=2.0.2 by: challenged http://blogs.business-standard.com/vandana/2009/01/07/ramalinga-raju-the-no-frown-man/#comment-13682 Fri, 09 Jan 2009 10:42:07 +0000 http://blogs.business-standard.com/vandana/2009/01/07/ramalinga-raju-the-no-frown-man/#comment-13682 After this Scandalam, only the very trusted business houses will benefit from investor confidence. It is easy now to predict a massive flight to safety in the Indian capital markets, with money exiting all "sexy" stocks and going into solid well-trusted companies that have well-earned reputations for corporate governance and ethical standards. It is time to be old fashioned and safe again. We have lost patience with these rockstar businessmen. After this Scandalam, only the very trusted business houses will benefit from investor confidence. It is easy now to predict a massive flight to safety in the Indian capital markets, with money exiting all “sexy” stocks and going into solid well-trusted companies that have well-earned reputations for corporate governance and ethical standards. It is time to be old fashioned and safe again. We have lost patience with these rockstar businessmen.

]]> by: Vandana Gombar http://blogs.business-standard.com/vandana/2009/01/07/ramalinga-raju-the-no-frown-man/#comment-13680 Fri, 09 Jan 2009 09:10:14 +0000 http://blogs.business-standard.com/vandana/2009/01/07/ramalinga-raju-the-no-frown-man/#comment-13680 Thank you for the feedback. I very much appreciate your comments on this blog. Keep them coming. Thank you for the feedback. I very much appreciate your comments on this blog. Keep them coming.

]]> by: Sabu Kurian http://blogs.business-standard.com/vandana/2009/01/07/ramalinga-raju-the-no-frown-man/#comment-13679 Fri, 09 Jan 2009 09:04:27 +0000 http://blogs.business-standard.com/vandana/2009/01/07/ramalinga-raju-the-no-frown-man/#comment-13679 Long Live Forbes Fortune 100! Mukesh Ambani present a jet to his wife on here 44th B'day. Anil Ambani gift Tina Ambani a yaught named "Tian" All these are great story for the television watching and literate Indians. More and More Indians are aspiring to reach "Forbes 100" What it all means - The fortune made by the so called aspiring Indian middle-class is getting transferred to the Fortune 100 guys at jet speed. Raju tried to speed up his Fortune by diverting Satyam funds to real estate... hands and legs burned... and finally this cover up came out. Had he succeeded in buying "Maytas", the whole story would not have come out and Raju would have won best Earnest & Young outstanding businessman of Year 2009. I always trust the words of my "Father of Nation" - "There is everything for our need, but not for our greed". Long Live Forbes Fortune 100!
Mukesh Ambani present a jet to his wife on here 44th B’day.
Anil Ambani gift Tina Ambani a yaught named “Tian”
All these are great story for the television watching and literate Indians.
More and More Indians are aspiring to reach “Forbes 100″

What it all means - The fortune made by the so called aspiring Indian middle-class is getting transferred to the Fortune 100 guys at jet speed.
Raju tried to speed up his Fortune by diverting Satyam funds to real estate… hands and legs burned… and finally this cover up came out.

Had he succeeded in buying “Maytas”, the whole story would not have come out and Raju would have won best Earnest & Young outstanding businessman of Year 2009.

I always trust the words of my “Father of Nation” - “There is everything for our need, but not for our greed”.

]]> by: MASS REDDY http://blogs.business-standard.com/vandana/2009/01/07/ramalinga-raju-the-no-frown-man/#comment-13678 Fri, 09 Jan 2009 07:06:54 +0000 http://blogs.business-standard.com/vandana/2009/01/07/ramalinga-raju-the-no-frown-man/#comment-13678 From Satyam saga it is clear that there are no systems in place to control economic frauds in India. Our Govt only set up organisations like SEBI to spend crores of Rupees. 7000 crores is not a small amount to be manipulated by any single Company. I am sure even now SEBI can unearth few more Styams if they work hard and verify figures regularly submitted by Listed Companies. From Satyam saga it is clear that there are no systems in place to control economic frauds in India. Our Govt only set up organisations like SEBI to spend crores of Rupees. 7000 crores is not a small amount to be manipulated by any single Company. I am sure even now SEBI can unearth few more Styams if they work hard and verify figures regularly submitted by Listed Companies.

]]> by: reddy http://blogs.business-standard.com/vandana/2009/01/07/ramalinga-raju-the-no-frown-man/#comment-13676 Fri, 09 Jan 2009 02:07:52 +0000 http://blogs.business-standard.com/vandana/2009/01/07/ramalinga-raju-the-no-frown-man/#comment-13676 You have a point. Looks are often deceptive, in this case it certainly seems so. You have a point. Looks are often deceptive, in this case it certainly seems so.

]]> by: Expressing opinion http://blogs.business-standard.com/vandana/2009/01/07/ramalinga-raju-the-no-frown-man/#comment-13675 Thu, 08 Jan 2009 17:44:27 +0000 http://blogs.business-standard.com/vandana/2009/01/07/ramalinga-raju-the-no-frown-man/#comment-13675 Mr. Raju and others like him are saints. Their moto is "Never lie but never go near the truth. Live it up and stockholder are dime a dozen. They will come and go. I can put my expenses on company expense even if I own 1% of the outstanding shares." How is this for a theory. PWC made me do it as I was sleeping with IBM. IBM owns PWC. Mr. Raju and others like him are saints. Their moto is “Never lie but never go near the truth. Live it up and stockholder are dime a dozen. They will come and go. I can put my expenses on company expense even if I own 1% of the outstanding shares.”

How is this for a theory. PWC made me do it as I was sleeping with IBM. IBM owns PWC.

]]> by: Auditor http://blogs.business-standard.com/vandana/2009/01/07/ramalinga-raju-the-no-frown-man/#comment-13674 Thu, 08 Jan 2009 15:52:12 +0000 http://blogs.business-standard.com/vandana/2009/01/07/ramalinga-raju-the-no-frown-man/#comment-13674 Guys As a former auditor, I can tell u that the easiest area to ensure correctness is the Cash and Bank section as you rely on a statement from an independent third party (the bank) and not on management. I am absolutely sure that a firm like PwC has taken such confirmations from the bankers. I am not too sure if they could have done anything else if the bank confirmation provided is false of forged or misstated. Guys

As a former auditor, I can tell u that the easiest area to ensure correctness is the Cash and Bank section as you rely on a statement from an independent third party (the bank) and not on management. I am absolutely sure that a firm like PwC has taken such confirmations from the bankers. I am not too sure if they could have done anything else if the bank confirmation provided is false of forged or misstated.

]]> by: Naresh http://blogs.business-standard.com/vandana/2009/01/07/ramalinga-raju-the-no-frown-man/#comment-13673 Thu, 08 Jan 2009 13:33:25 +0000 http://blogs.business-standard.com/vandana/2009/01/07/ramalinga-raju-the-no-frown-man/#comment-13673 The irony for me, how A'SATYAM' smartly won the coveted Golden Peacock Global Award for Excellence in Corporate Governance for 2008. The organization was named the winner by The World Council for Corporate Governance (WCFCG)...dunno, how much stake it holds to confer such a prestigious award to such a fraud governance! The irony for me, how A’SATYAM’ smartly won the coveted Golden Peacock Global Award for Excellence in Corporate Governance for 2008. The organization was named the winner by The World Council for Corporate Governance (WCFCG)…dunno, how much stake it holds to confer such a prestigious award to such a fraud governance!

]]> by: Prasad BSV http://blogs.business-standard.com/vandana/2009/01/07/ramalinga-raju-the-no-frown-man/#comment-13672 Thu, 08 Jan 2009 09:30:00 +0000 http://blogs.business-standard.com/vandana/2009/01/07/ramalinga-raju-the-no-frown-man/#comment-13672 Good point. PWC is part of the gamble. Definetly there should be investigation on modus operandi. But one point intrigues me, their philonthrophy and recent one like Emergency Management stuff they had done. Fraud and Philonthrophy , hand in hand. one to coverup for the other one???? Good point. PWC is part of the gamble. Definetly there should be investigation on modus operandi. But one point intrigues me, their philonthrophy and recent one like Emergency Management stuff they had done. Fraud and Philonthrophy , hand in hand. one to coverup for the other one????

]]> by: Poorva Dixit http://blogs.business-standard.com/vandana/2009/01/07/ramalinga-raju-the-no-frown-man/#comment-13670 Thu, 08 Jan 2009 07:52:10 +0000 http://blogs.business-standard.com/vandana/2009/01/07/ramalinga-raju-the-no-frown-man/#comment-13670 All of this while i was reading comments, I couldn't see anything written on the Auditors' role!! Without their blind support, this unprecedented scam would have never had happened and Indian IT sector would have never become a reason to bog-down the India Inc. image at the world-stage. The big drop in Indian companies ADR (with Satyam ADR down by 91% for obvious reasons),clearly signifies the -ve sentiment towards Indian IT companies, thanks to Mr. Raju's meditation!! PwC operations in India(atleast their Auditing arm) should be totally banned. Is this not the high time to rate such Big Fishes as well which have always been trusted with closed eyes??? All of this while i was reading comments, I couldn’t see anything written on the Auditors’ role!! Without their blind support, this unprecedented scam would have never had happened and Indian IT sector would have never become a reason to bog-down the India Inc. image at the world-stage. The big drop in Indian companies ADR (with Satyam ADR down by 91% for obvious reasons),clearly signifies the -ve sentiment towards Indian IT companies, thanks to Mr. Raju’s meditation!!

PwC operations in India(atleast their Auditing arm) should be totally banned.

Is this not the high time to rate such Big Fishes as well which have always been trusted with closed eyes???

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