Satyam’s financial scam to the tune of 7000 crores has rocked corporate and financial world. That too this scandal comes at a time when business world is facing worse times. What is more shocking is that Satyam’s CEO Mr. Raju managed to keep the matter under wraps for many years despite recent warnings from World Bank and auditors till the matter snowballed into huge financial crisis affecting the company, share-holders, investors and jobs of nearly 50,000 employees.

Satyam’s CEO Raju has taken full responsibility of committing the fraud and has disappeared leaving the company in the hands of his trusted team members. Interim CEO has issued the statement that they had no inkling about the matter. Crisis management group has gone into a huddle to rescue the company. Satyam stocks have plummeted at stock exchanges. Meanwhile Satyam employees, shareholders and investors are in dire straits.

According to CEO Raju, he had to manipulate accounts to keep company image afloat to get investors and clinch overseas projects. The bubble of non-existent money and profits has burst. This will be a huge blow to Corporate India’s overseas image. Overseas banks and corporate bodies will think twice before dealing with Indian companies. Financial record manipulations, deceit, lies will do greater damage than the recession and global financial crisis. Dark shadows are looming over ‘shining’ India.

Via BBC