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8/3/2019 ion on Satyam Scam Final123
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INDUSTRY PROFILE
COMPANY PROFILE
SATYAM CASE FINDINGS
SOLUTION
CONCLUSION
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Cornerstone of the Indian economy.
Source of employment
Growth of economyParticulars Rupees
GDP and EXPORT EARNINGS 5.19% in 2009
Particulars Rupees
EMPLOYEMENT 2.5 million
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Leading Global IT company .
Founded in 1977
Became Public limited Company in 1992
Listed in BSE, NSE, EURONEXT( AMSTERDAM)
Domain expertise
First Indian IT Company to get ITAA Certification for
Y2K Solutions Employment
Network
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YEAR PARTICULARS1987 Satyam Computers Pvt Lvd was established.
1991 -June: First Fortune 500 clients.-August: Converted into Public Ltd Co.
1994 THE BIG BREAK: Allies with Dun and BradstreetCorp.
2000 -Declared one of the 100 most PioneeringTechnology Companies by World EconomicForum-Dataquest IT Man of the Year Award.
2002 -CNBCsAsian Business Leader Corporate Citizen
of the Year Award
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The Black day: 7th January, 2009
Accounting Fraud of over 7800 crore rupees.
From past 7 years accounting books werecooked
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Raju Raju sat on the wallRaju Raju had a great fall
Balance sheet died,Shareholders cried
Raju Raju made a fraud
Raju RajuYes baba
Cheating usNo babaTelling lies
No babaOpen the balance sheet
HA! HA! HA!
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Raju wrote in the confession letter
Every attempt to fill the gap failed.
It was like riding a tiger, not knowing how to get offwithout being eaten.
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Gap in The Balance sheet
Maytas Acquisition Failed.
Shortage of Finance
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Fake Company Letters and Receipts.
Fake employees. Unverified acknowledged copy of Debtors
and invoices
Huge bank balances not verified byauditors of the company.
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Employees
ClientsShareholders
Bankers
Indian Government
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- NO
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Confidence.
Contribution in Indian ITSector.
Future Prospects.
New Work Force.
Pass Records.
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Tech Mahindra is paying Rs1757 crorefor a 31% stake in the company, or Rs 58per share.
Satyam Computer Services has now zoomed 15%to Rs 54.20 ahead of theannouncement of the highest bidder forthe company on April 13, 2009.
In India this moment was full of praisefor the manner and speed with which thereconstituted board of Satyam ComputerServices found a strategic investor .
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Sustainable Competitive Advantage.
Creating Corporate Governance.
Transformed Organization Culture. Long Lasting Credibility.
Improving Code of Conduct.
Individual Ethical Reasoning.
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Strict Rules by ICAI on handlingFinancial Statements.
Penal provisions for auditors.Auditors should ensure the numbers
are True and Fair View
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Tighten corporate norms.
Government took actions
Prohibition of promoters interference. Independent directors
Effective whistle blowing policy.
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Corporate Governance Framework needs to beimplemented in letter as well as spirit.
The increasing rates of White Collar Crimes
demands stiff penalties and punishment. The Small distortions created by few immoral
executives lad far reaching negativeConsequences.
Hopefully, Creating an awareness of the largeConsequences of small lies may help some toavoid this trap.
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www.wikipedia.comwww.authorstream.com
www.slideshare.com
Business World
http://www.wikipedia.com/http://www.authorstream.com/http://www.authorstream.com/http://www.slideshare.com/http://www.slideshare.com/http://www.authorstream.com/http://www.authorstream.com/http://www.wikipedia.com/8/3/2019 ion on Satyam Scam Final123
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Priya Ahuja 4
Mansi Bathija 11
Geeta Bhatia 14
Kushal Bothara 16 Lavina Chandwani 19
Forum Doshi 32
Reshma Lilani 58