Press Trust of India / New Delhi Jan 08, 2009, 19:29 IST
The apex chartered accountants body, Institute of Chartered Accountants of India (ICAI) President Ved Jain today expressed doubts over the veracity of even the confessional letter written by Satyam Computer Services former Chairman B Ramalinga Raju.
"I have not been able to understand as an accountant how this can be correct. This letter does not make out what he (Raju) is explaining. Rs 5,000 crore cannot be created over night, what his accountants were doing, there must be a chain of accountants," Jain said.
The letter written by Raju to the company's board talked about inflated (non-existent) cash and bank balances of Rs 5,040 crore.
"I believe this letter is not the whole truth, this is my perception there can be much more beyond this," Jain said.
Raju has also said in his letter that none of his board members, past or present, had any knowledge of the situation, in which the company is placed.
"Even business leaders and senior executives in the company...are unaware of the real situation as against the books of accounts," the letter has further said.
Jain said as an accountant, he believes that in a big organisation like that of Satyam Computer, it cannot be a handiwork of one person.
"I am not ready to believe Raju's version that only he was involved. Many people would have been involved in the fraud. And if many people are involved, the fraud should have been detected, it is unfortunate that it was not detected," Jain said.
It could be known only after investigation how many people were involved in the fraud, he said.
In the amidst of all this, one thing is CERTAIN. India and Indians will not change in this century. Indians will only make knee jerk reactions and forget it all when they wake up, as long as it does not involve them personally. May the Lord God and the Greatest of All Help this Nation and its mass.
I guess nothing is going to happen to these Corporate Buffons.. Shri Harish Salve observed on NDTV Profit on 7th Jan that the Harshad Mehta scam is still unsolved 17 years after the debacle.. Things will be the same in this case.. The role of the auditors is completely suspicious and the ICAI should expedite the case and ban them immediately.. Had it been a low profite Chartered Accountant the ban would have been around the corner.. Everyone know what happened to PW in Global Trust Bank case..
RAJU WAS NOT ABLE TO GET OUT OF THE TIGER, WITHOUT BEING EATEN UP. IF HE HAS NOT MADE ANY MONEY OUT OF THIS, HE WAS A PREY OF THE CORPORATE CULTURE AND ETHIC PREVAIL. HOW MANY ICONS STILL RIDE TIGERS AND LIONS AND NOT ABLE TO GET OUT. WHETHER WE WILL BE ABLE TO AFFORD THESE AWARD WINNING LEADERS. OUR COUNTRY CAN ILL AFFORD THE GLITTERING BUBBLES IN THE MAKING.
They Said \"Where All Man Thinks Alike, No Man Think Different\"
All People Are Thinking Of Making Investigation on Raju Some are going for making law suit And Some Others(Reactive Things)
No One is thinking Of Redeveloping Satyam It will Take Some time but it will be Effective Action (A Proactive Action)
My Matter of Concern is Mr Ved Jain is Also One of such Reactive Person.
Content Guide
