Posted by: Ranjith Sankar | January 8, 2009

Satyam

I am gonna buy some Satyam shares tomorrow.Probably that would be the last time someone could get a hand on it.Its going to disappear from everywhere next week.

 

I know I wont be able to trade it anytime.But still I wanna buy it just as a remembrance to what happened to Satyam.I particularly have a short memory.Dont want to forget this one though.

 

Read the letter that Mr Raju wrote to SEBI.Cant imagine the pain with which someone could write such a letter..from someone who created something like satyam from scratch.

 

It reminds me of two things

 

1.We need  better Auditing agencies who take their job professionally.

2.We need better Independent directors on board for proper corporate governance.

 

I don’t think any auditing agency would bypass such a fraud under whatever circumstances.It must be that they were careless or not good at their job to find it out all these years.

 

And frankly GOOD Independent directors must be hard to find in India. Those who have to patience to sit through all those files,ask proper questions to the management. very difficult to find,since most of such guys turn entrepreneurs themselves.

 

I wish someone like Infosys take up satyam and carry on with the business.

 

I wish India takes quick action on this to show it to the foreign investors that this is still a properly governed market to invest.

 

I am not angry with you Mr Raju.

 

I don’t want to forget you.

 

I hope those Satyam shares will remind me of you and keep me on my toes everyday after I launch my company.

 

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