January 8, 2009 – Meenas Poems

How Many Raju’s In Corporate India?

Corporate India has lost confidence. The investors are shocked. The business ethic is lost. The gloom and despair have numbed the enthusiasm of the public. The government is gaping and mulling with fingers crossed.

Advising the investors by working on EPS and on PE ratio,is ridiculous, considering the Satyam saga. The bank balance is a farce, the liabilities are fudged, the assets are cocked up, the profit is exalted. With these fictitious figures , calculation becomes difficult, more so erroneous..Finally the investor is in a fix. The advice is absolute malaproppism.

Now , the curious mind is rattled, at the thought of many more Raju’s surfacing, either big as our hero, or small as say Rajan.Rajus and Rajans have taught us a beautiful process of amassing wealth with other people’s money.
They move about in jets,and BMW’s, holiday in Mauritius, Maldives and Switzerland, acquire thousands of acres in their home town,hoard gold diamonds and silver Their resplendance with ostentation , achievements with fraudelence,enthusiasm with pretentions beguile the poor investors.

The regulators, the chartered accountants, the cost auditors, the company secretaries ,the registar of Companies, the Income Tax officials, the company Law Board, and the Banks and financial institutions back up such cheats nd fraudesters,and take punitive actions against simple ,sincere modest entrepreneurs.

Who is to be blamed ? Who is to be put in gallows?

Can we single out one person ? we should throw the entire team into a pot of fire . The ash has to be dissolved , lest they may rise once again like Penguins.

Satyam -Conscience =Raju

Ramalinga Raju has resigned from Satyam Computers. He is the author of inconsiderate delivery, infidel attributions ,insincere associations,and incongruous methods.

He has done much harm to India.His confession that balance sheet at September 30/2008, has inflated non existing cash and bank balance of50.40 billion rupees, understated a liability of 12.3billion rupees and overstated debtors position of 4.9 billion rupees .

It is a shame on Ramalinga Raju., who has made the announcement with “deep regret and tremendous burden that I am carrying on my conscience.”

Regret , burden and conscience- the three words carry a lot of impregnable interpretations.

Toying with integrity, rigging the financial ,squandering investor’s money, overhauling the personal stature, deriding the sentiments and then move like a “Holy Cow”, signals a nasty ,notorious plague.

He is prepared to face the law of the land and consequences thereof.

Did he think once about his shareholders and 53,ooo employees , once , in times of pristine glory?

Never did he. The indifference to the investing community by his emboldened attempt to transfer huge funds to the family owned subsidiary Mayatas has brought the ruin.

Now , what was the Board doing all these years?

What did the auditors scrutinise all these years?

What did the accountants account all these year?

What did SEBI , the regulating body watch all these years?

We have to conclude , that not only Ramalinga Raju knew about it, The Board ,whose members come from a high profiled background were well aware of it, the auditors have professionally lent a helping arm, the accountants have contributed their might , in cheating the investor in particular and the public at large.

What did they avail for rendering such ignominious services?Must be a handsome reward for expressing sacrilegious lies.

Kitties got filled up. Honesty got dried up.

Strange are the ways of getting rich. This is the behavioural tendency of the “Nouveau Riche.” A traditional rich will act with reverential morality and dutiful righteousness.