Archive for the 'Money' Category
Satyam (Sanskrit). ‘Truth’.
Truly, it can’t get more ironical than this.
Raju and the Number 7:
• Ramalinga Raju was born on 16 = 1+6 = 7
• Raju founded Satyam in 1987: 1+9+8+7 = 25 = 2+5 = 7
• Received the Lifetime Achievement Award, given by Hyderabad Management Association (HMA) in 2005: Adds up to 7 again
• Raju invloved in a Rs.7000 cr fraud: Again the number 7
• The crisis in Satyam was triggered by the management’s aborted bid to acquire Maytas Properties and Maytas Infra for $1.6 billon: 1+6=7
• Raju overstated Satyam’s September 2008 quarterly profits by 97%: 9+7=16= 1+6=7
• On Dec. 16, when Raju announced the company would spend $1.6 billion to buy two infrastructure companies run by this sons, only to reverse the decision a few hours later under shareholder pressure: 1+6=7
• Raju confessed on the 7th
• Raju confesses of an accrued interest of Rs 376 crore (which is non-existent): 3+7+6 = 16 = 1+6= 7
• News of the scandal sent the Sensex index down 7 percent on Wednesday (Jan.7)
• Raju can get a 7-yr jail term
• His spouse has 7 letters in her name (Nandini)
The number 7 is still not leaving Raju – According to rediff news,
• A Hyderabad court on Monday deferred till January 16 (1+6= 7) hearing on bail applications filed by Satyam’s three disgraced executives including Ramalinga Raju, as also market regulator Sebi’s plea for quizzing Raju
• Raju’s lawyer Bharat Kumar told reporters, that a team of 25 (2+5= 7) lawyers has been put together to defend Raju and others
According to TOI (13.1.2009 = 7)
• Raju confesses he was cooking books for 7 yrs
According to Mint (23.1.2009)
• Raju inflated Satyam’s staff strength 25%: prosecutor - (2+5 = 7)
According to ET (07.1.2009)
• CLSA cuts Satyam’s price target to Rs 25 – (2+5 = 7)
According to ET (22.1.2009)
• Lenders now hold 25% in Maytas - (2+5 = 7)
According to BusinessLine (23.1.2009)
• Satyam effect: 70 firms report director exit - (7+0= 7)
•• Interestingly, MAYTAS is SATYAM spelt reverse
•• The name ‘Satyam’ has been kept after Raju’s father, Satyanarayan Raju
A few questions from a layman:
1. What made Raju confess now?
2. Should we believe the contents in the confession letter?
3. Were the auditors so dumb that they never smelt anything fishy?
["Satyam" can be rearranged to make the word "Matsya" - which means "fish"]
4. How many are involved in the fraud?
5. What will happen to the employees?
BIG-FM of a different kind!
Most of you must be following the Budget today, the seventh by Finance Minister P Chidambaram. And I’m sure you want to take a break from those figures. So here’s a link giving some unknown facts about PC:
While rambling along the blog space today morning, I read a post by music lover ’Chiroti’ titled India alias Hindustan? and left a comment there. Next, I came across this article The The great great Sri Sri NGO NGO scam scam in Churumuri. It was sheer coincidence that the last portion of my comment and the article in Churumuri were on the same issue.