Who says Satyam means "Truth" in Satyam Computers?

Satyam is a sanskrit word meaning "Truth". When the erstwhile chairman of Satyam Computers, Ramalinga Raju, made a shocking revelation that for years the company's accounts have been fudged to the extent of Rs.7000 crores(Rs.70 billion), Brand Satyam came crashing down in the corporate world and "Truth" got brushed away and buried deep in the annals of Satyam.

Raju in his letter states that except he and his brother who was the M.D, no one else was involved in the scam. This is too simply stated. A scam of this magnitude looks impossible without a coterie of people involved. The CFO has to be a party and it is naive to believe that the Auditors-Pricewaterhouse- could be kept in the dark for so many years.
The Govt. will have to put an Administrator and a team to fully go into the Books of accounts. The interim team's(recommendd by Raju) financial powers should be forthwith removed and they should only take care of the client process.

Whether money has been siphoned out of the system will have to be looked into. There will be a lot of legal liabilities and a severe erosion in the credibility. Hence, it becomes necessary to expedite the process of unearthing the facts and to roll out action plans for normal functioning. The employees of Satyam would be going thro' hell. It is imperative that the new team takes care of their interests.

One hopes that this is a one off incident in the corporate world. But, it may be foolish to think so. Lot more regulations will be in the offing to prevent such scams and ensure shareholders interests are protected. One thought would be to have a peer audit. However, one should not forget that too many regulations would also create Red tape which is in no one's interests.

The guilty should be punished and sent to serve in jail. It is such punitive measures that can act as a deterrent.