Satyam investigations – moving in the familiar path
I get to know from the news channels that the police started interrogating Mr Raju 9 Jan 2009 onwards when “he presented himself” to the police. Obviously, police were not in search of him. Mr. Raju, like his dramatic confessions, decided to hand himself over to the investigators so that “law could take its own(?) course”.
It is old news that Mr. Raju was presented to a Magistrate at his residence and will be in judicial custody for 14 days till Jan 23, 2009. During this time, he can be investigated by various agencies who will try to get the “satyam” out of him regarding the fraud.
We have to wait and see what is uncovered from these investigations. But, I can safely bet that nothing will come out till Jan 23, 2009. We will see some leaks about the investigations on the media, especially the electronic media. There will be verified and unverified stories and denials that will help camouflage the crux of the issue.
Mr. Raju, who had magnanimously concluded his confession statement that “I am now prepared to subject myself to the laws of the land and face consequences thereof” waited to see if the law took its course.
He gave 48 hours time to the law enforcers to act, probably to assess if they are smart. So, he became incommunicado to give some interesting time for the police and media in the form of locating his whereabouts.
Having found that the police was not as smart as he and since he wanted enlighten the police with more truth he presented himself to the police. The investigations of the police have revealed some truth that were not part of his confession letter.
What is that truth?
The truth, that he is a diabetic, suffers from high blood pressure, and needs medical attention. This truth was revealed to the police so that he can get government paid medical attention.
How else can he get his BP and diabetes and possibly a block in the heart, treated? He had no money, you see, he gave Satyam INR 12.3 billion and left it “un-payable by Satyam” because it was “not recorded” in Satyam’s books.
We have to note that he is a “poor” person, who didn’t benefit even a single rupee from Satyam. No, we should not count the managerial remuneration that he received as if the Company was making profits. We should not also count the dividend received by him and family members based on the declared profits.
One should not ask any questions such as, with high BP and Diabetes,
a) how he was able to function as a CEO and Super CFO for Satyam for many years
b) how he had no problem with BP when the share prices were soaring due to the soaring EPS of the company achieved from book entries against his conscience
c) how he had an absolutely controlled BP and diabetes when Maytas deal was reversed within 24 hours of unanimous approval by the Board
May be, he was not having any problem with BP and diabetes because of the exercises he was doing to figure out the exact amount to be made up as profits of Satyam to meet the investor and analyst expectations.
Isn’t it amazing that we keep seeing this repeating in Indian law enforcement? How often have seen this happen when a legal process starts on an influential person? They start suffering from chest pain, ill health, BP, diabetes and what not… so that they get a bail, they can get admitted in to hospital and enjoy the cozy comforts of air-conditioned rooms with television where they can watch the investigation progress, they can get away from grilling, they can stall the investigations and then allow things fade from public memory.
History repeats! But that is not good for the investors!
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The creatives on the net are already at work with the Satyam saga. Here is one that I received:
Raju Raju – Yes Papa
Eating rokar (Cash) – No Papa
Telling Lie – No Papa
Open your balance sheet – Ha Ha Ha
A neatly written post. As you said in your “About” blog,you are good at using words.
IMHO,I feel this is a bit pessimistic.
Show me one guy from our country who has admitted his fraud(due to whatever reasons)?
Lets hope he gets all the due punishments he deserves asap unlike the so many cases where neither the accused noe the agencies can do anything.
-sri
Sri,
Welcome to my blog.
If I am seen pessimistic, it is because of the background history of such legal cases and fraud investigations in our country in the past.
I will be pleasantly surprised if, (a) this fraud and the fraud perpetrators are given the due and severe punishment, (b) the new directors’ team turns around the Company. I still think that (a) may not happen (b) is difficult but remotely possible, because of the good people being brought together. But, the question is a good captain enough for a team to win? Doesn’t he need the right infrastructure, knowledge of the game and good performance from his team and cheers of the spectators?
hey tripli,
your investigation always hits the nail on its head… it is highly applaudable.
one question though .. which itches me … for some reason i feel this Mynapati
might be acting dumb…. how come he can be clean when he seems to be so close
to exCEO for some many years…. Authorities need to not let him go away without
through scanning
Welcome Reader.
I also think that Mr. Mynampati despite his positive body language witnessed during the media conference, cannot be very clean. One of the other readers highlighted that Mr. Mynampati was the one dealing with World Bank that blacklisted Satyam for 8 years. Also, the confidence lessens when one knows that Mr. Mynampati was recommended to be acting CEO by the “will” of Mr. Raju which was part of the five page dooms day letter of Mr. Raju.
Just an information which you all by now would be aware of:
Mynampati (Does not deserve a Mr.) takes 3.5 Cr per annum as remuneration which is highest in Satyam and more than the Chairman and Founder Raju.
Mynampati’s driver had lot of certificates from various universities (all formed by an individual – Fakes)
God…. please save this country.
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I am just 5 ft 7 inches; so I cannot and do not make any "tall" claims :-)
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