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Andhra Pradesh
Regulators caught napping
Satyam’s imbroglio has clearly taken away whatever sheen the city had acquired of being the IT capital of the country. Bangalore might have fallen behind but at least it did not see a scandal of this magnitude. What’s baffling to everyone is what were all those “ ever vigilant” regulatory authorities doing, considering Ramalinga Raju (with an amnesiac conscience) confessed to fudging figures for “several years”.
A two-billion dollar company surely should have had enough number of internal and external audit checks all through and shocking that no one squealed when the scam figure was mounting! What about regulation by the government departments – State and Central, stock exchanges and other bodies involved in ensuring correct and ethical corporate practices?
Is this a banana country or what, where people come by boat from a neighbouring country and kill people on one side and on the other, greedy countrymen swindle public money without flinching?
V. Geetanath
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