satyam changed the rule of game

8/8/2019 satyam changed the rule of game

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LOVELY PROFESSIONAL

UNIVERSITY

Term Paper of

Business Environment

TOPIC: Satyam changed the rules of the game.

SUBMITTED TO: SUBMITTED BY:

MR. RAJBIR SINGH SHEETY AMIT KUMARBBA MBA (6

THSEM)

SECTION 1709

ROLL NO RR1709B34

REG NO - 3020070044


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ACKNOWLEDGMENT

I hereby take this opportunity to thankLovely School of business for providing mean opportunity to do a Minor Project on Comparative Study of CustomerSatisfaction in Public Sector and Private Sector Banks.

I express my sincere gratitude to my mentor and guide, Mr. Rajbir Singh Shettywho always provided me with necessary inputs, guidance and direction to carry outthis project. He provided me access to different domains of knowledge from where Icollected inputs for this project.

Last but not the least, my million thanks to all the people including customers of the banks whom I have conversed with and taken inputs from to move ahead andcomplete this project.

Amit Kumar


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TABLE OF CONTENTS

TOPIC..PAGE NO

Introduction..4

True story of Satyam..6

Reasons for Satyam scam.8

More about the scam..8

The question of survival...16

Conclusion.17

References.17


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SATYAM SCAMINTRODUCTION.

y Satyam is a leading global business and information technology company, deliveringconsulting, systems integration, and outsourcing solutions to clients in over 20industries.

y Satyam Computer Services Ltd was founded in 1987 by B.Ramalinga Raju.y The company offers information technology (IT) services spanning various sectors,

and is listed on the New York Stock Exchange and Euronext.

y Satyam's network covers 67 countries across six continents.y The company employs 40,000 IT professionals across development centers in India,

the United States, the United Kingdom, the United Arab Emirates, Canada, Hungary,Singapore, Malaysia, China, Japan, Egypt and Australia.

y It serves over 654 global companies, 185 of which are Fortune 500 corporations.y Satyam has strategic technology and marketing alliances with over 50 companies.y Apart from Hyderabad, it has development centers in India at Bangalore, Chennai,

Pune, Mumbai, Nagpur, Delhi, Kolkata, Bhubaneswar, and Visakhapatnam.

y Just three months ago, India's fourth-largest software services exporter, SatyamComputer Services received a Golden Peacock Global Award from a group of Indiandirectors for excellence in corporate governance.

y Ramalinga Raju himself was the recipient of many an award for corporate governanceand transparency.

y The fraud has brought to light the fact that in India the distinction between ownersand management is still not very clear.

y Where the owners are also the managers, such frauds are always a possibility.

Satyam is the biggest fraud in India's corporate history. That the company management,mainly disgraced chairman B Ramalinga Raju, kept everyone -- seemingly -- in the dark for adecade and tarnished shining India's image horribly, is as stupefying a fact as the Rs 7,800crore (Rs 78 billion) scam itself.


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The company's account books said that Satyam had over Rs 5,000 crore billion (Rs 50billion) in the bank, when it did not. Raju said that he had been fudging the account books for

'several years' and despite this no one but he, and his brother, knew of this.

And though the two brothers, along with the CFO of the company Srinivas Vadlamani, havebeen arrested, there aren't many takers for this story. So experts, analysts, corporate honchos,

lawyers and professionals are now pointing fingers at various people as being the culprits tothis shameful act.

So who is guilty in this sordid state of events? Of course, Raju is by far the father of thisfraud, but there were others who are also culpable, if not by complicity then by negligence.Reports indicate that more arrests are likely to be made in connection with the Satyam fraud.

The true story

The scam at Satyam Computer Services, the fourth largest company in Indias much

showcased and fiscally pampered information technology (IT) industry, has had an unusualtrajectory. It began with a successful effort on the part of investors to thwart an attempt by theminority-shareholding promoters to use the firms cash reserves to buy out two companiesowned

By them Maytas Properties and Maytas Infra.

That aborted attempt at expansion precipitated a collapse in the price of the companys stockand a shocking confession of financial manipulation and fraud from its chairman, B.Ramalinga Raju. What is known as of now is that over an extended period of time, the

promoters decided to inflate the revenue and profit figures of Satyam. In the event, thecompany has a huge hole in its balance sheet, consisting of non-existent assets and cash

reserves that have been recorded and liabilities that are unrecorded. According totheConfessional statement of Mr. Raju, the balance sheet shortfall is more than Rs.7000crore.Why did a leading company in one of Indias most successful industries of recent yearsneed to inflate profits? After all, the revenues of Indias IT industry have grown at ascorching compound annual rate of almost 30 per cent in the past eight years, driven byexports. This is remarkable, assuming that revenue and profit inflation have notexcessivelyoverstated performance. With cheap skilled labour having shored up profits that were lightlytaxed when compared with the norm, net profits must have been substantial and rising too.

Why then did the fourth largest IT Company choose to take the criminal route of

falsifying accounts and indulging in fraud?

One possible cause could be the desire to drive up stock values. The benefits derived bypromoters from high stock values are obvious, allowing them to buy into real wealth outsidethe company and giving them the invasion money to acquire large stakes in

Other firms. This tendency was epitomised by the benefits derived by America Online whenit merged with Time Warner. Although the latter had more assets, revenues, and customers,AOLs higher market capitalisation led to that company and its chairman, Steve Case, gettingmore out of the deal than did long-time giant Time Warner. There is some suspicion that Mr.Raju and his family may have sought similar benefits. The family chose to build itsshareholding in Satyam Computer Services and shed itwhen required. For example, in year


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2000 Satyam Computer merged with a related company, Satyam Enterprises. Rajus cousin,C. Srinivasa Raju, who held 800,00 shares, or 19 per cent, in Satyam Enterprises, was

reportedly allotted an equivalent number in Satyam Computer, leading to criticism thatrelative prices did not justify the 1:1 swap. But the original promoters share held by the Raju

family and their subsequent acquisitions were not for keeping. Though the precise numbersquoted vary, according to observers the stake of the promoters fell sharply after 2001 when

they held 25.60 per cent of equity in the company. This fell to 22.26 per cent by the end ofMarch, 2002,20.74 per cent in 2003, 17.35 per cent in 2004, 15.6 7 per cent in 2005, 14.02 percent in 2006, 8.79 in 2007, 8.65 at the end of September 2008, and 5.13 per cent in January2009 (Business Line, January 3, 2009). The most recent decline is attributed to the decisionof lenders from whom the family had borrowed to sell the shares that were pledged withthem. But the earlier declines must have been the result either of sale of shares by promotersor of sale of new shares to investors.

According to audited balance sheet figures (if they are to be trusted) available from the

CMIEs database, the paid-up equity in Satyam Computer Services rose from Rs. 56.24 crorein March 2000 to just Rs. 64.89 crore by March 2006 and further to Rs. 133.44 crore inMarch 2007. Overall, the number of shares held by the promoter group fell from 7.16 crore

(22.8 per cent) to 5.8 crore (8.6 per cent) between September 2001 and September 2008. Thispoints to a conscious decision by the promoters to sell shares, which may have been used toacquire assets elsewhere. The more inflated the share values, the more of such assets could beacquired. It is quite possible that the assets built up by the eight other Raju family companiesunder scrutiny, including Maytas Properties and Maytas Infra, partly came from the resourcesgenerated through these sales. If true, this makesRajus confession suspect, since he statedthat neither myself, nor the Managing Director (including our spouses) sold any shares inthe last eight years excepting for a small proportion declared and sold for philanthropic

purposes.

This may not have been the only way in which resources were transferred out of SatyamComputer Services into other arms of the expanding Raju family empire. Money could have

been siphoned out through opaque transactions with beneficiaries who were paid sums notwarranted by their business profile. Satyams business strategy did involve unusualtransactions. One example was the acquisition in 1999 by Group Company Satyam Info way,which was the largest private Internet Services Provider in the country at that time, ofIndiaWorld Communications, for a sum of $115 million. The acquired company operated

popular portals such as samachar.com and khel.com that had no clear revenue model, andwas the principal beneficiary just as in the AOL deal.

According to reports, the owner of India World was himself charged with intellectualproperty violations by his erstwhile employer IndiaWorld.com, an Internet services companymanaged by U.S.-based ASAP Solutions Inc. Satyam Infoways position was that it wasaware of the claim being made by ASAP Solutions, but that its interest was not in

IndiaWorld.com but was limited to the URL indiaworld.co.in and the other portals under its banner, for which it had of course paid a huge sum. There is reason to suspect that thisacquisition delivered little to the company, raising questions about the motivation. Mr. Rajusconfession is also suspect for another reason, which has been widely discussed in the media.Even if he and his colleagues were inflating revenues and profits, the actual revenue earningcapacity of the company, as confessed by him, seems to be extremely low. He claims that thehuge difference between actual and reported profits in the second quarter of 2008-09 was

because the ratio of operating margins to revenues was just 3 per cent rather than the reported24 per cent. But even if Satyam Computer Services was cooking its books, it was engaged in


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activities similar to that undertaken by other similarly placed IT or ITeS companies and it toohad a fair share of Fortune 500 companies on its client list. It is known that many of these

companies have been showing operating margins that are closer to the 24 per cent reported bySatyam than the 3 per cent revealed in Mr. Rajus confession. Thus in financial year ending

March 2008, the ratio of profits before tax of Infosys was 32.3 per cent of its total income,that of TCS 23.1 per cent, of Satyam 27.8 per cent, and that ofWipro 19.2 per cent.

This suggests that either Mr. Raju is exaggerating the hole in his balance sheet or there.

PROBABLE REASONS FOR SATYAM SCAM

y Pressure to meet expectationy Growing competitiony Threat of being overtakeny Siphoning off fundsy Salary of non-existent 13000 employees

MORE ABOUT THE SCAM.

Understanding the scam!!!!!!!!!!!

The balance sheet as of September 30, 2008 showed:y Inflated (non existent) cash and bank balances of Rs.5040 crore (as against Rs.

5312 crore reflected in the books)

y An accrued interest of Rs. 376 crore which is non existenty An understated liability of Rs. 1230 crore on account of funds arranged by BR

Raju

y An over stated debtors position of Rs. 490 crore (as against Rs. 2651 crorereflected in the books)

y For the second quarter Satyam reported of rs. 2112 crore and an actual operatingmargin of Rs. 61 crore (3% of revenues)

y This has resulted in artificial, cash and bank balances going up by Rs. 588 crorein Q2 alone.


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SO WHAT WERE THE AUDITORS, PRICE WATER HOUSE

COOPERS DOING??

There was no cash with in the company's banks and yet the auditors went ahead and signedon the balance sheets saying that the money was there. Not just the cash, even they evensigned off on the non-existent interest that accrued on the non-existent cash balance! Thecompany officials said they relied on data from the reputed auditors. Satyam's chief financialofficer Srinivas Vadlamani has already been arrested. He has even admitted to signing on thedotted line, saying he never really paid much attention to the balance sheet! But could onlytwo or three people have managed to cook the books for years of a company so large? Highlyunlikely. It is quite likely that some other top managers in the company too were in the knowof what was happening but chose to keep quiet.

The Securities and Exchange Board of India, which says it is 'horrified at the magnitude of

the fraud' had in December given a clean chit to Satyam saying that it had not found anyviolation of norms relating to takeover and corporate governance in its preliminarysurveillance of the deal involving the acquisition of Maytas Infra by Satyam ComputerServices.

Thus there was no need for a formal investigation. Therefore, the probe would be limited tothe deal between the two listed entities -- Satyam and Maytas Infra -- and not cover the oneinvolving Satyam and unlisted firm Maytas Properties. Analysts say the market watchdoglacks the teeth for ensuring compliance on governance. Now, after so much water has flownunder the bridge, Sebi has moved to 'take action' against the company.

The company's bankers -- and it has a whole bunch of them, considering it is a hugecompany -- too have been shown in poor light.

Sat yams books showed cash to the tune of over Rs 5,300 crore (Rs 53 billion) in itsbanks.

Satyam's banks -- ICICI Bank, HDFC Bank, Bank of Baroda, etc -- were supposed toprovide bank statements on a quarterly basis and bank certificates on basis of whichauditors go ahead and signed the balance sheet.

So, if the auditors were conned, it means that either the bank statement and certificateswere forged or the auditors did not take any cognizance of the fact that bank statementswere showing one figure and the management was showing some other figure. Now,

banks are looking at options to stop sanctioning additional credit lines to the company andseek an auditor's explanation. The banks said they would not be affected much followingthe findings of fraudulent transactions in Satyam's balance sheet.

The role of the company's directors, including independent directors, in the entireepisode too has been exposed after the Satyam episode.

Most of them essentially remain 'nodders' in the boardroom and agree to whatever themanagement or the promoters want to push through.


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The Satyam board, including its five independent directors had approved the founder's

proposal to buy 51 per cent stake in Maytas Infrastructure and all of MaytasProperties, owned by the family members of Satyam chairman B Ramalinga Raju.

Despite the shareholders not being taken into confidence, the directors went aheadwith the management's decision.

The decision of acquisition was, however, reversed 12 hours later after investorsdumped Satyam's stock and threatened action against the management.

Sometimes activism just does not help. When Raju sought to push through the Maytas deal without taking shareholders into

confidence, he was faced with huge protests.

The media, keen to help the underdog, too joined in the protest. Raju was forced to cancel the deal. In hindsight, it appears that it would have perhaps saved Satyam if the deal had been

allowed to go through, as Satyam would have been able to use Maytas's assets to

shore up its own books.

Raju, who showed artificial cash on his books, had planned to use this 'non-existentcash' to acquire the two Maytas (which is Satyam spelled in reverse) companies.

Since the Rajus held more than 36 percent stake in Maytas, it would have been easy topush through the deal, at least from that side.

But with the shareholders and the media queering the pitch, the deal fell through andnow so has Satyam.

Investment banker DSP Merrill Lynch was appointed by Satyam to look for a partneror buyer for the company a fortnight ago.

We now know that DSP Merrill terminated its engagement with the company soonafter it found financial irregularities.

Merrill Lynch is also understood to have sent the information and the reason for theirtermination of the contract to the Bombay Stock Exchange, Sebi and even the NewYork Stock Exchange, on which Satyam is listed.


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However, despite the fact that DSP Merrill Lynch blew the whistle, it is not yet clearwhy it took such a long time to inform the authorities, and why it did not let the public

know of Satyam's misdeeds.

DSP Merrill has not yet answered these questions. Yet in the whole shady affair, DSP Merrill comes out the best party as it was finally

because of its move that Raju was forced to quit.

The government, on its part, was perhaps too busy projecting the stellar show of theIndian IT sector and did not find it necessary to launch an enquiry into these'complaints,' so to speak.

Thus by way of negligence the government too is equally guilty in not havingmanaged to save the shareholders, the employees and some clients of the companyfrom losing heavily.

Some ardent followers of B Ramalinga Raju and some employees of Maytas areinvoking the Almighty to come to the aid of the beleaguered IT strongman.

These fans conducted a prayer and havan service to help the disgraced formerchairman of Satyam Computer Services obtain bail.

The prayers are being held so that Raju comes out of this entire episode unscathed. Satyam's three-member board constituted by the government met for the first time on

Monday to discuss ways to get the IT company back on track.

Eminent banker Deepak Parekh, IT expert Kiran Karnik and former Sebi member CAchuthan arrived at the Infocity campus of Satyam in Hyderabad for the meeting, inwhich the chairman of the board is expected to be elected.

Founder of Satyam Computer, B Ramalinga Raju, who lived like a 'king' beforeadmitting fudging of company accounts to the tune of Rs 7,800 crore (Rs 78 billion),slept on the floor of the Chanchalguda jail here like other ordinary prisoners.

According to sources, the Raju brothers have been given the status of 'C' classprisoners or undertrials.

The Raju brothers had to sleep on a mat on the ground like all other prisoners. They were offered the usual prison dinner of rice and rasam, which the elder Raju

refused, sources said.

Srinivas Vadlamani, the chief financial officer of Satyam Computer, was remanded tojudicial custody till January 23 by the 6th Metropolitan Magistrate on Sunday.


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He was later shifted to the Chanchalguda central jail, where former chairman ofSatyam B Ramalinga Raju and his younger brother Rama Raju have been lodged

since Saturday.

A prime prospect for probe by regulators and authorities investigating the Satyamfraud, acting-CEO Ram Mynampati appears to be the IT company's most valued asset

and drew a salary more than that of founder Ramalinga Raju and all the directors puttogether.

At the same time, its independent directors, many of whom have quit Satyam boardafter the Maytas fiasco on December 16, got at least Rs 1 lakh (Rs 100,000) a monthas commission and sitting fees.

Mynampati, who is now being questioned by the team of market regulator SEBI, got atotal package of over Rs 3.5 crore (Rs 35 million) during the year ended March 2008,while founder and Chairman had to contend with just about one fifth.

A perusal of company documents reveals all the directors, except Mynampati, got atotal of Rs 2.6 crore (Rs 26 million) as salary, commissions, sitting fees, professionalfees and other receivables.

What is surprising is the difference between the package of Mynampati and all theothers put together is about Rs 1 crore (Rs 10 million), almost the same that thesecond best package that was given to independent Satyam director Krisha G Palepu.

After Mynampati the package for Ramalinga Raju totals Rs 60.4 lakh (Rs 6.04million), followed by his brother Rama Raju at Rs 44.07 lakh (Rs 4.40 million).

The company paid a total of Rs 1.56 crore (Rs 15.6 million) to its seven non-executive directors.

Other than V P Rama Rao, who was on the Satyam Board for just about a month,independent directors got between Rs 12 lakh to Rs 13.2 lakh (Rs 1.2-1.32 million) ayear.

Harvard Business School professor Palepu bucked the trend and got Rs 91.91 lakh (Rs9.19 million) for 2007-08, which includes a professional fees of Rs 79.51 lakh (Rs7.95 million).

NASSCOM ADVISED AGAINST POACHING SATYAMS CLIENTS..

While welcoming the reconstitution of the scam-tainted Satyam board, the Nasscomchairman Ganesh Natrajan said the apex body had advised its members to desist frommaking "unsolicited offers" to the customers of the beleagured company, which hasearned the dubious reputation of being 'India's Enron'.

The IT industry in the country was "mature" enough to resist such undesirablepractices and poaching on the customer base of Satyam, whose business continuityneeds to be ensured, he told PTI.


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The government had taken the right steps in the matter and Nasscom was hopeful that

new board with proven track record of its directors would restore credibility ofSatyam taking care of the liquidity aspect and uninterrupted business schedules,

Natrajan said.

It was important to ensure that in the outsourcing, customers did not lose their faith inIndian companies, he stressed.

ABOUT A DOZEN LAWSUITS FILED AGAINST SATYAM IN US..

About a dozen lawsuits have been filed against Satyam Computer in US courts,charging the Indian IT firm with duping thousands of American investors out of

billions of dollars.

Asked about the specific damages sought in the lawsuit, law firm Vianale & VianaleLLP's counsel Keneth J Vianale said that the sum duped could be in hundreds of

millions of dollars.

Vianale said in an emailed statement to PTI: "We have not alleged a specific damagesamount that we are seeking. That will be a subject of expert testimony.

"However, in cases of this sort, it is not unusual for the damages to be in the hundredsof millions of dollars."

Another law firm Pomerantz Haudek Block Grossman & Gross said that it "hascommenced an investigation of the scandal on behalf of investor clients, and isexploring the possible claims that can be raised, including under the federal securitieslaws . . .

"and focusing on identification of possible defendants in addition to the Raju brothers,such as outside auditors, and on the location of assets in this country."

After the scandal was revealed, trading in Satyam shares was halted by the NYSE onJanuary 7 and the stock exchange has said that it is assessing whether the firmdeserves to stay on the bourses.

The trading could be resumed on Monday if its review is satisfactory, the exchangesaid in a statement.

In these lawsuits, Satyam Computer has been charged with duping thousands ofAmerican investors by artificially inflating share price.

While two lawsuits were filed on January 7, the day when Satyam's founder-chairmanRamalinga Raju resigned after disclosing massive financial irregularities to the tuneof over a billion dollar, so far there has been nearly a dozen lawsuits that have beenfiled against the company.


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Earlier, nearly six law firms including Brodsky & Smith LLC, Glancy Binkow &Goldberg LLP, Harwood Feffer LLP, Sarraf Gentile LLP, Vianale & Vianale LLP

and Izard Nobel LLP had filed class action law suits against Satyam Computer.

THE GOVERNMENT SHOULD The Bharatiya Janata Party asked the Centre and Andhra Pradesh government to take

steps to protect the interests of 53,000 employees and investors of the scam-hitSatyam Computer.

"The government of India and Andhra Pradesh government should take all steps to protect the interests of investors and the company's employees," senior BJP leaderVenkaiah Naidu said on the sidelines of the BJP's Youth Rally in Chennai.

ICAI ASKS PWC TO EXPLAIN SATYAM ACCOUNT..

Chartered accountants body ICAI served a showcause notice on auditorPriceWaterhouse and asked it to submit balance sheets of Satyam Computer audited

by it in the last five years.

"We today served showcause notice on PriceWaterhouse and asked it to reply within21 days," Institute of Chartered Accountants of India resident Veda Jain told PTI.

If the reply to the notice does not come by 21 days, all members of PriceWaterhousewho audited the Say tam accounts could be banned for life time, Jain said.

The firm has also been asked to submit balance sheets, financial statements and otherrelevant documents of Satyam Computer audited by it for the last five years

The audit firm has maintained that it followed applicable audit standards and went byaudit evidence provided by the company.

The ICAI president said action against CAs, who audited the accounts of SatyamComputer, can be expected in 2-3 months, if found guilty.

Jain said Satyam founder Ramalinga Raju's statement that only he knew about thefinancial wrong-doings did not look like the whole truth, as he did not write theaccounts of his company.

Ramalinga Raju in a letter written to the company board admitted, "None of the boardmembers, past or present, had any knowledge of the situation in which the company isplaced." Chartered accountants body ICAI on Saturday served a show cause notice onauditor PriceWaterhouse and asked it to submit balance sheets of Satyam Computeraudited by it in the last five years.


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THE QUESTION OF SURVIVAL

The big question on survival of Satyam Computer is giving anxious moments not onlyto its over 50,000 employees but also to over half-a-million people, who would getimpacted indirectly if the IT firm does not come out of the trouble, Confederation ofIndian Industry president K V Kamath.

Kamath said each of over 50,000 Satyam employees supports a family of four. "Everywhite collar job creates four another jobs. (So) you are talking about anything

between half-a-million to a million people, who could directly or indirectly have beenimpacted by this single event," Kamath said.

He said the crisis had such a social magnitude that made the government act swiftlyand save the company.

Besides CII, Assoc ham and Ficci have also welcomed disbanding of the Satyamboard of directors by the government.

They expressed hope that the move would help restore investor confidence not only inSatyam but in corporate India in general.

"Instead of giving suggestions how to revive Satyam Computer and protect theinterest of its 53,000 employees, Opposition parties were making baseless allegationsagainst the government,"

The '108' emergency services in the state, currently maintained by EMRI SatyamGroup Trust, would not be affected in wake of the financial fraud.

Many philanthropists and organisations are coming forward to support and run theemergency services (which can be availed by dialing 108), the minister added.

'NO DELAY IN SATYAM PROBE'

The government said that there was no delay in acting against the tainted founder ofSatyam, B Ramalinga Raju.

"There would be no laxity against the guilty... So let us not talk about any individualor the auditors (PwC) of the company," Minister for Corporate Affairs PermChanGupta told reporters when asked what action would be taken against Raju andauditors.

"W

e are very clear and a co-ordinated action would be taken," he said.

The apex body of accounting firms Institutes of Chartered Accountants in India hassought some information from the auditors of the company and Financial ReportingReview Board, the minister said, adding that they can ask for working papers of theaudit and that has already happened. "Once that (the papers) is received, ICAI will

take its view," he added.


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CONCLUSION

The unsolicited and the unprecedented Sat yams fiasco cast a shadow over the nature ofcorporate governance in India.

We have never expected this to happen but this world is full of surprises. When you are

confident that everything is going fine something unwanted happens. As our market tooregained strength and started the rally, this shook the market as never before. Market crashed

by more than 6% on Wednesday. As investors returned after a long hibernation this eventscared them beyond anyones imagination. There are people who might have lost their life

saving. There are 53000 employs whose future is at stake, at the time when economy isreeling under recession.

The only answer to Satyam fiasco that we have is this bad corporate governance. India Incnow has to answer how to make the corporate governance more transparent and accountable.With this I am closing my view on Satyam.

REFERENCES

http://en.wikipedia.org/wiki/Mahindra_Satyam

http://www.nhatky.in/wp-content/uploads/2009/01/2-pwc-auditors-arrested-by-cid-satyam-

scam.jpg

http://www.slideshare.net/tozo/satyam-scam-1188836

http://www.desihotmasala.com/2009/01/raju-ban-gaya-conman-satyam-rs-7000-cr.html

http://broadbandforum.in/equity-and-stock-forum/40201-satyam-fiasco/

http://www.wikinewforum.com/showthread.php?t=2675

http://en.wikinews.org/wiki/Former_Satyam_CEO_Raju,_his_brother_and_CFO_arrested_an

d_detained_in_profit-fraud_scandal

satyam changed the rule of game

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