Indian Institute of Information Technology - Allahabad
INDIAN ENRON: Satyam Computer Services Limited
The New Year brought about more recessionary trends with it, with Ramalinga Raju, chairman of country’s 4th largest IT services exporter confessing of having played with the balance sheet figures. The news was a setback to the company’s list of customers (that boasted of a number of Fortune 500 companies) as well as its 53000 strong work force. The company shares listed on 3 stock exchanges (BSE, NSE & NYSE) suffered a 70% fall in price the moment the news came through. Investor sentiment s hit all time low, not only for Satyam as a company but for the IT sector as well.
But story is just not about some manipulation of figures. Come to think of it, the crime went through unnoticed for 10 years and probably would have continued to stay away from limelight had the confession not been made. What kind of corporate governance is there for India Inc.? What happened to all the disclosure and transparency policies? What were the regulators doing? Where was SEBI? Still more, questions have been raised on the efficacy of the external auditors, with Pricewaterhouse Coopers’ being nabbed in this case. Following the confession were a series of high-profile acts, arrests, announcements, press releases, political linkages, etc. For a complete follow-up and latest update on this news check out the following links:
“I, Barack Hussain Obama, solemnly swear….”
January 20, 2009, saw the crowning of Barack Husain Obama to the most powerful office. The office once held by the likes of Kennedy & Lincoln, welcomed its 44th occupant. The new American president took his oath amongst a lot of speculations and expectations. The world now awaits to see how the change of guard at the White House can impact the economic trends world-over. The most lavish, innovative and extensive election campaign ever in American history that saw the rise of an African American to the helm of power, now all that remains to be seen is whether the this revolutionary campaigner can fulfill the promises that lured the voters.