Satyam: Bringing the cheat to justice is equally important.

Satyam: Bringing the cheat to justice is equally important.

The other day, immediately on the day of Tech Mahindra winning the bidding to acquire beleaguered Satyam Computers, NDTV Profit carried the reaction of Mrs. Ramalinga Raju. She claimed happiness that the company established by her husband has found a new owner and the interests of the employees are protected.

It was surprising. It sounded ridiculous. After all, it was the wilful, malafide creation of deposed Chairman, Ramalinga Raju. What is the point of expressing delight now? Secondly, this subtle signs of patronage does not augur well for the reputation of the channel or health for the society.

Amidst the celebration that Government and the nominated board was able to find a new buyer, the industry seems to take light of the largest accounting fraud of the post independence period. However, bringing the perpetrators of the fraud to justice should form an important task of Governance and not only allowing the bidding process to be completed.

The confessed amount is Rs. 7800 Crores, while the investigating sources believe it could be anywhere around Rs. 10,000 Crores. It was a systematically planned and executed fraud over a period of 2-3 years, rather much more. Faked invoices, false & fabricated statement, fake deposit certificates and bank accounts, siphoning off of money etc. What is remaining?

I don’t agree that ethics are changeable. Some business analysts were subtly trying to plead; accounting frauds are not uncommon in business, though this is on higher scale. The laws are silly and not contemporary compelling the businessmen to indulge in fraudulent acts. Another one said, Raju must have indulged in such disgraceful business against his wishes. It must have been, at the behest of his children. Rubbish.

There is system connivance also. Auditors, bankers, regulatory bodies and politicians cannot escape their responsibility. The only way to prevent such frauds from happening again is to ensure that hose that were responsible for it are brought to justice.

Sharad