A leading Indian outsourcing company Satyam had inflated it’s earnings and assets. A revelation made by the company’s co-founder and chairman, Ramalinga Raju, made Satyam the most talk about company of the day as it bought the company down to it’s knees. The Indian stock market roiled as the industry went into a turmoil. Raju made this revelation in a resignation letter he sent to the board of directors of the company on Wednesday.
As per Raju 50.4 billion rupees of the 53.6 billion rupees listed in the company’s assets for the second quarter were non existing. Now that’s a whopping amount of money. The incident could have some serious effects on the huge Indian outsourcing industry which is already experiencing economic slowdowns. Satyam employees now fear losing their jobs. It is obvious that Satyam would be acquired by a bigger company in the near future. So if you were thinking of getting placed in Satyam during this placement season, forget it.
So Mr. Raju tried to do an Enron in India and thought he could get away. Wait till they fry your ass in jail you moron. Satyam’s share prices fell by as much as 70%. The investors would be some angry people right now.
Article by Harry
Harry has written 407 awesome articles on HarryJerry.com.
About: ...an engineering student, a freelancer, a professional blogger, a loving lover, too shy, an Internet freak....and everything I shouldn't be.
Tags: fraud, jobs, news, opinion, placements, satyam
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N i was contemplating sitting for the on campus interview
… screw you negative 5040 crore asses , i got more money in my piggy bank !