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Just Shoot Me

Bala, 28, Gordon Gekko in the making, pseudo-intellectual, cynic, bibliophile, obsessive compulsive ranter...

Asatyameva Jayate

January 07, 2009

We all believed it was Satyam bailing out Maytas, but as it turns out it was the other way around. Instead of the 7200 odd Crore Rs that was supposed to be in the balance sheet, there is actually a 2000 odd Crore Rs hole. So Raju was not paying himself that 7000 Crores, he was paying himself nothing to hide the fact that the money didnt exist!

Put simply the company is gone - kaputt - poye poyindhi. There is no cash to pay the next month's salary. And it has 53000(!!) employees. Thats about 5% of the total Indian IT work force. I hope they have some savings to ride out the tough times ahead.

And for those of you who hate regulations - i hope you work for someone like Ramalinga Raju.

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posted by Bala, 9:17 PM


He probably is playing a game of double bluff - siphoning off money and claiming that there was no money at all.
commented by Blogger Chenthil, 5:49 PM  

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