Satyam did Satyanaas

>> Friday, January 9, 2009

Satyam did Satyanaas
Yesterday I saw all business celebrity and politician talking about that we should take firm step to stop all this kind of fraud but why now? We have habit of suffering and experiencing from last so many years whether it is 26/11 mumbai attack or Raju’s attack on investors. I simply not getting why only Raju is main culprit. According to me main culprit is PWC (Price water – Auditor of Satyam) should be blame more than Mr.Raju. They have not checked bank certificate bank statement for tallying accounts? My answer is yes they have checked but it is cumulative fraud. PwC had audited about 139 companies in India in the last fiscal. Of this, 97 are listed and 45 are part of BSE 500 Index. what about them? How can they allow such a huge fraud. Next time when I see fundamentals of any company I will first check auditor and if there is PWC i will skip that company. Why we have habit of learning lession from mistake? Why we are not believing in “prevention is better than cure”? why we have habit of forget past?
In 2007, ICAI had found partners of PwC guilty of professional negligence in underproviding for non-performing assets in the now-defunct Global Trust Bank (GTB). But this was only after RBI had blacklisted the firm when a string of irregularities surfaced at GTB. In July 2006, PwC’s Japanese affiliate Chuo Aoyama was handed a two-month ban on auditing by Japan’s Financial Services Agency, for allegedly certifying false accounts of consumer products major Kanebo. (Source ET)

I need answer from Mr.Raju and PWC What about uncertain future of 53,000 employees of Satyam.

My appeal to all trader please avoid trading in this scrip irrespective of Long or Short.
Satyam made a low of 11.50 odd today and is trading at Rs 21 now.

This article is written by Dhawal Joshi.

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