A year on: Satyam fraud hasn’t changed lay of the land

by The Economic Times IT, December 14, 2009.

BANGALORE: Annus horribilis, is how the people of Hyderabad and Andhra Pradesh are going to remember the year 2009. It began with Ramalinga Raju, one of the state’s favourite sons and a high-flying IT Czar, admitting to massive fraud and diversion of funds. It is now ending with a bitter internecine battle on the streets of the state capital and other cities over the formation of Telangana.

Just over a year ago, on December 16, 2008, to be precise, the board of Satyam Computer, had endorsed the company’s plan to buy two firms belonging to the promoter family — Maytas Properties and Maytas Infra. The deal was aborted after intense investor protests. Three weeks later, Raju admitted to the fraud and was jailed. His company’s board was superseded by the government as details of how Raju inflated income and hid liabilities came to light…(continue reading)

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