Posts Tagged ‘Irony’

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May 31, 2022

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!)

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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?

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