follow us on
reach us on app store
News18 » Videos » News18 Shorts

All eyes on Satyam, day two brings no end to nightmare

Jan 09, 2009 03:04 AM IST Business Business

Hyderabad: It was day two of the Satyam Saga and things had not improved much.

"We will maintain transparency," promised Satyam governing members, barely 36 hours after corporate India got its worst shocker.

They swore that they were not party to the scam and were even unaware that such a thing was on.

But there are many things missing here. Where is this man who authored the Satyam Cookey Show!

No trace of Ramalinga Raju. The new management says he is very much in Hyderabad. Questions are now also being raised about the accuracy of Raju's mail on the fraud.

In Hyderabad, the securities and exchange board of India (SEBI) went into probe mode.

The company affairs minister PC Gupta said that eight subsidiary Satyam companies are under the scanner now. "We have ordered a probe," Gupta said.

More people jumped off the Satyam ship. CFO Srinivas Vadlamani who has much to answer has put in this papers.

ISB dean M Rammohan Rao also had to give up his job for being a part of the Satyam board.

Also Satyam was kicked out of the Sensex. And if you are looking for small comforts, the 53,000 employees were given their December salaries.