Finally, Ramalinga Raju accepted the multi-crore fraud and resigned from the board and will face legal consequences.Its pity what can happen to one because of greediness. Satyam was considered a top IT company which can deliver and is still doing profitable business.One wonders what prompted Ramalinga Raju to rig the balance sheet and do fraud to grab money.Was he mad to do this.
He simply inflated the profits and deflated liabilities with the help of auditors to the tune of 500 plus crores.He desperately tried to buy out Mytas infra without much money in the hand to cover up his fraud.But,Investors braked his efforts.
Investors lost their money. Who will take responsibility, SEBI or who.
Who do yo believe now, the auditors are always there to give false accounts.
now,You can look the balance sheet given out each quarter with all suspicions ,doubts.
There is no meaning in quarterly results.
can sebi scrutenize all company results.There is no doubt many more companies will be doing the same with the help of fraud auditors.
Now, it is time to look into details of company who declares more cash in the books and more profits.
There could be more Raju's found out from here on but they easily escape from Indian laws as for the past 60 years no prominent persons has been pushed fully for their crime.They will go for jail on a vacation,come out and continue their business.
Long live India
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