SATYAM - All glitters are not gold ..

The old proverb , all glitters are not gold , is apt for Satyam today. Till yesterday, Satyam was the rising star in the international business horizon ( 4th biggest in India !!) and today , like a meteor, fallen down dead ! It is the unbelievable fall of Mr Ramalinga Raju from riches to rags.

All the IT companies use various filters to check on the credibility of the newly recruted employess. They are so very particular about the applicant's personal / profesional/educational /medical background. Only after back ground checks, using high- fy privet agencies, they do issue the appointment letter. My doubt is , shouldn't be there any check on the so called directors and top officers of these IT companies ? From the satyam experience, i think the govt. must impliment it and as the stake holders we have the right to demand. Afterall its our money they are playing with.

On channel 'Times Now' yestarday viewed report on Satayam fraud ( or is it Ramalingam fraud??) and understand there is a proposal to bail out Satyam. And i'm strongly oppose the proposal why b'coz, it is obvious that the directors , all or most of them, have been cheating the world for almost 7 years and hv eaten up about 7000 crores. (The most worrying part is that , if Mr Raju hadn't disclosed about this fraud through his letter, noone would have known about it !! where are our regulatory mechanisms ??)Why should we bail out such first rated frauds ? Morover, due to various tax relaxation allowed for the IT firms, they were not been paying tax (?!!). Why should we taxpayers shell out our hard earned money to safeguard such frauds mis-deeds? Ofcourse, there are 53,000 employees future to be concedered and the poor shareholders money also to be protected. I'm sure there will be other corporates interested in buying the sick Satyam ( L&T has already shown some interest). And why not confiscate the directors' properties to recover the money? Why govt. is so keen on bailing out Satyam ? Havn't seen such kind of concerns on the employees of any other companies, big or small, sick or closed units, before!!.

Anyway , my dear IT industry lovers, before joining the company (how ever big they are) check on the credibility of the direcotrs ( indeed its an herculian task...but what else to do..) . And don't you feel its always better to start something of your own than depending on such frauds ??? Think loud...