[poojadatta]

Now the thing is what made such a reputed PWC gained doing that.... We discussing at the basic level know this... why PWC dn't look into this... what all this suggest... do we need a more transparent way of dealing this? my answer would be yes.

All this not true on the moral ground besides all this was happening for past 7 years, how come it was never questioned in that duration? Even if right now if CEO has not disclosed it would it have been know yet, yes it might have disclosed later. So all this call for a more transparent more responsible and more organized rules.

History has examples of Harshad Mehta and Ketan Parekh who have roamed free as the courts take years to give their verdict. One wonders how long it will take for Satyam mystery and start the process of recovery of assets.
The government needs to find an alternate scheme.

[ritdudeamit]

Originally Posted by rohit.r6

and waht if PWC has overlooked the whole fudging......what if PWC has audited only things the accounts that were given by Satyam....thats a case of gross negligence by PWC

and such things do happen...being in the finance industry.....i hv seen instances where auditors audit only wahtever is presented to them....they dont take pains to go to the root of the problem...and they dont question a lot fearing tht they may lose the client...such instances do happen

so its a case of fudging at the highest level without the auditors coming to know about it.....and even if they do come to know...they keep mum about it

PWC -The world's largest professional services firm.
: We cannot expect an act of gross negligence from such a big firm and that too twice .If u remember PWC was barred fr 3 years frm the audits of banks and NBFC's for alleged involvement in overstating the losses of the erstwhile Global Trust Bank in 2003-04.

So I don't think it wud be an act of negligence.Secondly if we follow the latest developement regarding SATYAM fiasco we will get to know that Police continued their searches at the house of Srinivas, who during his interrogation had denied involvement in the conspiracy, claiming that he did what he was asked to do by Ramalinga Raju and Rama Raju.Searches at the house of Srinivas revealed that he and his family members owned over 70 acres on the city outskirts
So m still nt sure bout PWC...

Neways I GUESS WE R DEVIATING FRM D TOPIC ....

@amita .... I strongly contradict with your point that it's not satyamcredibility but it's only raju who is inviolved and its bout his credibility ...

If u see the stock holding pattern of SATYAM u will see many head management people sold their chunk of shares few months back.The outgoing CEO Rama Myanampati sold 9.5 lk sharesin sepetmberso did many top management ppl ..This signifies that they were smelling the rat ..they knew what's happening ..It's nt possible that such a large scale fraud is planned without indulging the top officials.

So incase u questioning the credibility of the organization u can't just question d credibility of Raju ...

Thanks
Amit
Fellow Aspirant

[poojadatta]

@ ALL

One question from myside.... do you think that if CEO had not disclosed this on his own, it would have been possible to know what is going on?
Guys it has been going on for 7 years... not a short term.... its not the just the manipulation of the revenue... the buying or maytas with holding of just around 8% with the family is also a question.
ok now that it is open that such and such fraud has happen how far do you think justice will happen. Right now it no more just satyam its corporate sector, IT and the how fast solution to this is given.
Is it just rise and fall of satyam now?
What puys says?

[poojadatta]

Few of the links for satyam
NDTV.com: Satyam fraud worries Indian expatriates
Satyam Scam - Ramalinga Raju's Satyam Fraud
no inputs??

[ayush123]

hmmmm great discussion going on here..i can't say in so technical terms..but my views:

Yes i agree to the fact that satyam fiasco will certainely affect the credibility of indian IT industry in the global market,not profoundly but to a certain extent.Well If MR. raju would not have accepted it,it would not be known to the world for the coming years(don't knw how much long),as it was not known from the last 7 years.The fraud is not only done by Mr. raju but it has been the sundry works of many corporate leaders from satyam(whether its been mynamapati,CFO etc),linking to the government officials,Auditors(specially PWC),banks(like HDFC,ICICI etc).Its not a lone work done by Mr. Ramalinga Raju and his brother.It involves many other public officials aslo,leaving the clients of satyam,the investors(may be some of them are involved),and the employees.How can it be possible that mr. raju was cooking this mallicios food in which he was not getting help from any other top officials.
Now coming to the point, the World bank has already ban WIPRO to take up any projects for the coming 4 years(we can see the damage done by satyam).satyam fiasco has made an impact on the whole INDIAN industry(specially IT industry,the latest beeing INFOSYS which tried to make their 3rd fiscal quarter as much transparent as they can) to be transparent in all the fiancial matters(the profit margin etc),and it certainely had put a question mark in the global market clients. They will think twice before giving a project to any of the INDIAN companies,morever SATYAM was the 4th LARGEST INDIAN IT company.

something to say out of the topic:

I don't know how well i made my point,but after reading your post i was lil nervous(u people have that technical sounding in your words)..
So a humble request to all my brothers and sisters(the one who are senior to fresher like me),to help us.(infact i am learning from ur post)
May be you can make us aware of the latest technology or any such things..u think that we might not know...

Thanks

Regards

Ayush
fellow aspirant(chances to get shortlisted seems lil dicey)

[poojadatta]

@ ayush
check this out
Wipro not the only company to be banned by World Bank- Stocks in News-Stocks-Markets-The Economic Times
It says wipro was banned before satyam i.e from (2007-2011).
Regarding the manipulation in satyam I agree that top official in the company might be involved but a little doubt of investors and banks getting involved in it.
Investor are right now the main folks getting affected by this as the share price dropped from around Rs 300 to Rs 23 and banks I don;t think they had any role to play which forming the revenue of the company.
Pguys I hope I am right in this?

[ayush123]

Originally Posted by poojadatta

@ ayush
check this out
Wipro not the only company to be banned by World Bank- Stocks in News-Stocks-Markets-The Economic Times
It says wipro was banned before satyam i.e from (2007-2011).
Regarding the manipulation in satyam I agree that top official in the company might be involved but a little doubt of investors and banks getting involved in it.
Investor are right now the main folks getting affected by this as the share price dropped from around Rs 300 to Rs 23 and banks I don;t think they had any role to play which forming the revenue of the company.
Pguys I hope I am right in this?

Right pooja di..wipro was banned before satyam fiasco..but the world came to know after the satyam fiasco..somehow this fiasco has indirectly hampered the wipro image in the global market,actually wipro and other IT companies have been identified in the global market(for their ill-transparency)
and Y can't the investor play a role in this fraud,as they were the 1's who earned the most profit out of this fraudgery..ri8??
hope i am making some sense?????

anewaz the last post including the sites details helped a lot..
hope to get some more like that in the futire post..

Thanks

Regards

Ayush

fellow aspirant

[kewlankit]

Originally Posted by study_hard

Yes I didn't post that one as a GD topic. Was more of a PI topic. They might ask us about the emerging technologies. Puys if you come around such terms do post them here.

ya plzz post on dese new techno topic
bcz chances r that they will b asked in pi if nt in gd

[poojadatta]

Originally Posted by ayush123

Right pooja di..wipro was banned before satyam fiasco..but the world came to know after the satyam fiasco..somehow this fiasco has indirectly hampered the wipro image in the global market,actually wipro and other IT companies have been identified in the global market(for their ill-transparency)
and Y can't the investor play a role in this fraud,as they were the 1's who earned the most profit out of this fraudgery..ri8??
hope i am making some sense?????

anewaz the last post including the sites details helped a lot..
hope to get some more like that in the futire post..

Thanks

Regards

Ayush

fellow aspirant

Yup you are right... but don't u think this is defame of not only the corporate but also whole system corporate, govt, auditing sector. Right now this is heated topic and there are inquires going on but when are the decision going to come. check the first post of this thread. So right now if a proper decision is not taken by the judiciary again it would be difficult to gain other countries trust.
Good going... signing of for today....

[rohit.r6]

Originally Posted by poojadatta

Yup you are right... but don't u think this is defame of not only the corporate but also whole system corporate, govt, auditing sector. Right now this is heated topic and there are inquires going on but when are the decision going to come. check the first post of this thread. So right now if a proper decision is not taken by the judiciary again it would be difficult to gain other countries trust.
Good going... signing of for today....

rotten apples existe everywhere....u cant target one complete industry due to 2-3 rotten apples.....if tht had been the case, no one would have trust n faith remaining in the US fin institutions

all these institution are in the limelight due to a select few individuals who had their own personal interests due to which certain processes were bypassed

n regd gaining trust for India....no IT company till now has lost any client due to the Satyam fiasco....even satyam clients are standing by it.....these clients are associated with companies since quite some time....and one persons personal interest is not gonna change their decision