(A)satyameva Jayathe!

(A)Satyam Computers founder and chairman Ramalinga Raju has resigned from the Satyam Board.

Raju has written a letter to the board giving details of the balance sheet. Balance Sheet has inflated cash balances of Rs 5040 crore and accrued interest of Rs 376 crore is non-existent. Rs 1230 crore was arranged to Satyam and is not reflected in the books.

"As per the revelations, second Quarter numbers were inflated to Rs 2700 crore vs Rs 2112 crore actual numbers. No board member had any knowledge of the real situation of the books.

I cant believe this. What were the Auditors (it is Price Waterhouse Coopers or the legendary PWC. So much for the efficiency and integrity of the BIG 3)) and the Board of Directors doing? The financials have to be approved by the Board. How can the Board members claim that they had no knowledge of this? And remember, this is the company that got an award for Corporate Governance 2 months back. What a joke!

My worry is not about Satyam. Is this the tip of an iceberg? How many of our top companies are cooking up balance sheets and misusing funds? I am sure this is not a one off case. In any other country, the Government and the monetary regulatory agencies would have commenced a serious investigation into not only Satyam but other companies as well. They owe it to the small investors. But our Government/opposition is so weak kneed and so obligated to all these companies for election funds, apart from being bribed to the eyes, that they just do not care. The whole system is rotten