Satyam to ‘Asatyam’

January 7, 2009

rwbasatyam070109
Design: RK

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)

Updates:

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

Update on April 10, 2015: 

Satyam Founder Ramalinga Raju Get 7 Years for Twisting Satyam

(again the dreaded no. 7!)

***

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?

***

The Satyam fiasco [Rediff]
Text of Mr Ramalinga Raju’s statement [Business Line]

15 Responses to “Satyam to ‘Asatyam’”

  1. praneshachar Says:

    bellur only u will come live when Sathyam becomes Asathyam
    or when ever some big things happens
    what an amount of gross misrepresentation and fallasy
    sathyameva jaythe nadinalli bare asathyada tandava nryutha
    devare nammannu kapadabeku
    nice one on a sensitive topic with opt links
    pranesh

  2. asatyam.com Says:

    We followed your advice🙂

  3. @mbi Says:

    ಲಕ್ಷ್ಮಿ ಗಾತ್ರದಲ್ಲಿ ದೊಡ್ಡದಾಗಿದ್ರೆ, ಯಾರೂ ಬಚ್ಚಿಕ್ಕಣಕ್ಕಾಗಲ್ಲ ಅನ್ನೋದ್ ಇದ್ಕೆ.

  4. Vijay Says:

    RK … good one on the numbers…

  5. praneshachar Says:

    questions raised by layman are very pertinent. definetely more heads/hands are involved. looks like many were hand in glove may be some banks too god only knows. real reason for confessing is known only to Raju. one guess some one who is involved or knowing must have threatened to reveal either to baord or sebi or press, so he must have told him he himself will reveal as all doors to escape are closed and must have decided to do it which is more honourable than somebody going to press………. now it is feast for some one who is keen to take over they can do it at throw away price and keep the work force as per their desire. closure of full co., is not envisaged but some down sizing may happen
    all data on no. and matsya sathyam etc., are really good effort and laudable too. lets us wish poor employee not hit hard on account of this.
    pranesh

  6. aargee Says:

    was telling my hubby yesterday that maybe Raju has his 7 1/2 sani going on , and hubby commented, that may be he will get 7 1/2 year imprisonment in that case… and I landed up on your blog at 14.20 pm which also adds to 7 . You are right!🙂

  7. Trailblazer Says:

    Astounding really. Wow.

  8. Amrit Says:

    heh – nice funda!🙂

  9. Sanjay M Says:

    LOL Bellur … amazing info!

    Whatever mistake he’s made I think media is piling up way too much on the issue as if everybody else in the world is absolutely honest!

    Man I dont know how he’s facing the situation esp facing law suits in the US where they are sure to extort a huge amount of $ from him. Interestingly Satyam was awarded top award for internal audit…🙂

    Here are some speculations on why he confessed now.

    I think he will anyway face plenty of legal hassles for a long time to come now, but as a layman I think its not worth making a major criminal out of him and note what he’s written in his letter…

    I would like the board to know:

    1. That neither myself, nor the Managing Director (including our spouses) sold any shares in the last eight years – excepting for a small proportion declared and sold for philanthropic purposes.

    3. That neither me nor the managing director took even one rupee/dollar from the company and have not benefited in financial terms on account of the inflated results.

    I hope Satyam as a company comes out better off inspite of their loss of credibility and their huge layoffs… this is a nice letter to their staff.

    Hmm I wonder if Gandhi’s quote applies in this context…?🙂

    “You must not lose faith in humanity. Humanity is an ocean; if a few drops of the ocean are dirty, the ocean does not become dirty.”

  10. Satyam Scam Says:

    Satyam Scam by far Largest Corporate Scam in India Inc.

  11. Sanjay M Says:

    FWD from Venki today…

    Three world famous magicians were in the bar drinking and boasting about their achievements.

    The first one said,” During my latest show, I made three women from the audience disappear, it was so convincing that their relatives started panicking, no one could find the trick”

    The second one said, ” Hey, that is nothing, during one of my open air shows I made the Municipality building disappear and the entire town was searching for it”

    The third one sighed and said,” Both of you are so local, I went to Paris and made the Eiffel Tower disappear for a full one hour, it was live on the TV, entire France was searching for the building & no one had a clue”.

    Just then an Indian walked into the bar and the three magicians suddenly turned quiet, gave each other fugitive glances and started to slip towards the door.

    A Bartender watching this got curious and asked one of the
    magicians, “Hey what happened ? Who is that guy ? ”
    One of the magicians whispered, “He is the World’s greatest
    magician, he has done the biggest disappearing trick of all times, we are all mere amateurs compared with what he has done. His name is Ramalinga Raju. He has made USD 1.5 billion disappear from his company’s balance sheet in front of everyone’s eyes, and the entire world is still looking for it ”

  12. ramz Says:

    hmm , raju seems to be one among “seven” “wonders” of the world.
    now he may write a book in sanskrit in jail
    “tasyam satyam”
    (His Truth)

  13. praneshachar Says:

    there also he may have plans to release only covers and amass crores!!!!!!!!!!!! he may tie up with many publishers and amass. he has got all expertise with him
    have great things to come out

  14. Ram Says:

    Bellur, Apparently this post was posted on 7th and interestingly ‘m commenting on 29th (9-2=7)

  15. Sanjay M Says:

    What better human service can
    one do than saving lives?
    Well, that’s exactly what
    Hyderabad-based Emergency
    Management and Research
    Institute (EMRI) has been doing for
    the last two years. And, as this
    piece goes on to the web, EMRI has
    so far saved 16,400 lives and still
    counting. Thanks to the vision of
    Mr B. Ramalinga Raju, founder and
    Chairman of Satyam Computers
    and Mr Venkat Changavalli, CEO,
    EMRI, today the movement has
    become a life-line for thousands of
    accident victims.

    ~ billion beats: Abdul Kalam newsletter, Nov 2008 edition


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