The Satyam fraud made the whole India and world to look back into this issue.Our financial regularities have been questioned because of this.The Chief of Satyam who admitted that he committed fraud has resigned from the postion of CEO.The Andhra Pradesh government was searching for proper details to arrest Raju.Finally yesterday the Hyderabad Police arrested Raju and his Chief Financial advisor for committing fraud in Satyam.
This is a great shame for themselves as well as for Indian IT industry.If the conviction has been proven,then Raju could get 7 years jail term.All because of this the shares of Satyam plunged down and in just two days it went to 6.00 from Rs.188.The investors are worried at the moment and anything can happen from here.Moreover the 53000 employees who are working for satyam might face a serious action on them.The Company has announced that there is no fund with it, so that the salary for January might be kept on hold.Satyam is in crisis…
Infosys has clearly said that it wont intake the Satyam employees for any reason.The reports are saying that more than 10000 might recieve pink slips from Satyam.Naukri chairman has announced that on the day of the Raju’s statement of committing Fraud, nearly 8000 registrations were made in Naukri and all were done by Satyam Employees.It is very sad to see that one of the best companies in India is being fall down for just the sake of one individual selfishness.
