When I read news about Satyam and 5 page resignation letter of its Chariman it took my breath away.
1. What is really paining is that this incidence has shaken the integrity in all fronts - IT sector,corporate governance, corporate entities, role of CFO , statutory auditor ,independent directors.
2. The career path of its whooping 53,000 employees are at stake.
3. It gives me a feel that ours is a over regulated country, where the implementation of law is lacking. The need of the hour is quick action from all ends.
4. Me,being a person with finance background, it is a shame on all of us.
5. If this can happen to one of the top and well respected corporate, similar situation can happen anywhere.
6. Not even three months passed since we saw Lehman Brothers case,once again it is proved size matters nothing.
Whatever we saw happening outside Indian soil - Enron Scam, Lehman Brothers, 09/11 terrorist attacks, to name a few, we now see in our own home land -
Now Satyam joining in the list.
Sadly,
Naras
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