Wake up! Satyam has done it! One of the biggest corporate frauds…atleast in India
What were the other board members doing?
What were the auditors doing?
What were the regulators doing?
All these guys taking so much salary on behalf of investors. I think each and every board member whether on board on independent should refund all their salaries back to the company fund.
The promoter who caused this havoc should also return all the money back.
The auditors – one of the most crutial component in this entire fraud – who take lakhs of rupees to certify that the accounts are in current shape should be immediately barred from practice. Further, they should be heavily fined so others do not repeat such an act.
It has always been seen – like in my earlier post – the rich get richer – the poor poorer. Here too the same story. The investors are the ones who are at the receiving end. Those who parked their hard earned TAX PAID money in the company – were the ones who had to suffer.
All the so called “Institutional” investors who have sold bulk of their stocks to the public at large – regulators should reverse all their entries – and also impose a fine if there have been instances of INSIDER TRADING and found guilty of the act.
Finally, the Satyam fraud has proved one thing. All frauds can be done within the “COMPLEX LAWS” that have been framed by our “REGULATORS”. I think the laws regulate on how well the fraud is going on…
Please comment on how we can stop further frauds and make the markets a better place to invest in!