Satyam’s fraudulent saga started off with a mild twitter, developed into a harsh manoeuvre, and culminated into a huge disaster.The corporate world is rocked by the eruptions and corruptions.
The whole episode was a high drama, unbelievable, yet cannot be disregarded, contemptuous, yet cannot be neglected, but the startling catastrophe has left us dumbfounded and shaken.
Ramalinga Raju is not the only one with a tag of a fraud in the corporate world. He has many co parceners and coagulant deceivers who are still to be exposed. Exposed they may be, but they try to sit pretty over the crimes ,cheats, and deceits, putting up a gleeful countenance, professing a good samartian prima facia,and moving about with imperial gleam and decorum.
The Southern Petro chemicals , called as SPIC, the gigantic fertiliser company down South India, is a bag of such ,, fraudelent devices, misappropriation of funds, severe digressions, untoward manipulation and unexpected scheming.
SPIC, owes Rs 2845 crore to a consortium of 30 Banks. It is alarming and apprehensive, at the same time.The CEO , Annamalai Chidambaram Muthiah , had been the President of Federation of Indian chamber of Commerce., President of Board of control for cricket for India, a best race horse owner,had been a member of Prime Minister’s Advisory council on trade matters.His qualifications may extend to a lengthy draft, but they failed to impress his Bankers.
His companies are in red. The Mercantile Credit Coporation , a much ebullient finance company was wound up ,because of mismanagement by his son Ashwin Muthiah and son in law Jawahar Vadivelu. The funds were discreetly transferred to private coffers, the depositors were thrown out without mercy. The arbitration ended in a miserable fiasco.
Spic ,with its baffling loan poses a depressing dilemma to the financial institutions. The Big Shot is trying to alienate his properties, driving hard to change the prime lands in his name to the custody of his spouse, thus eluding the deadly grasp of the Banks, tribunals and Private bodies.
Ramalinga Raju can be commended for his disclosure. A.C. Muthiah can be applauded for his concealment.