Every company that is in the race for a share of the market pie indulges in corporate fraud with impunity. If the inflated cash balance, which Mr. Raju says is non-existent, has been siphoned off to his personal account, it can be termed a fraud. But he claims he has not benefited from it. He has apologised, given a clean chit to other directors of the company and placed himself before the law of the land. Let us wait before hastily accusing a man who was, till the other day, hailed as an IT czar.
As one who has invested in Satyam, I am angry and saddened at the turn of events. Amid my personal financial loss, I admire the decision taken by Mr. Raju to confess his wrongdoing. It must have been an extremely painful decision for the man who led Satyam to become one of the leading IT service providers.
While it is right for the media to pillory Mr. Raju, I think a larger part of the blame should be laid at the door of the auditors. Small investors like me believe that independent auditors do a thorough job before they certify the accounts.
It is disheartening to find the media constantly saying that our business will lose credibility due to the Satyam saga. Why Lehman Brothers crashed and the equity of Freddie Mac and Fannie Mae evaporated, no American said American business would lose credibility. If there is a fraud in Satyam, we will deal with it like any other mature nation.
R. Raghavendra Ravi,