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True character of India Inc. is getting exposed as Satyam, the body-shopping outfit confesses years of fraud
It is not just Satyam. It is not just another cyber slave trading body-shopping outfit of India. It is the India Inc. that is getting exposed as Indian prosperity based on fraud gets hammered down to the ground.
The government installed a new board at fraud-hit Satyam Computer Services on Sunday following the arrest of the company's co-founders in the wake of India's biggest corporate scandal.
Most of the senior management is in jail. Indian Government is forced to install a new Board of Directors. The new Satyam board will meet in 24 hours and its chairman will be selected by its three members, who include Deepak Parekh, chairman of the Housing Development Finance Corp, said Corporate Affairs Minister Prem Chand Gupta.
Police stepped up their investigation into the case, having charged Satyam Chairman Ramalinga Raju and his brother B. Rama Raju with criminal conspiracy and forgery on Friday after Raju said profits had been falsified for years and quit.
Raju revealed the accounting fraud at Satyam last Wednesday. The company's stock has since been battered and its valuation plunged to $330 million at Friday's market close from more than $7 billion six months ago.
The scandal has cast a cloud over foreign investment in Asia's third-largest economy and over its once-booming outsourcing sector, which posted stunning sales growth for years and lavished investors with handsome returns.
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