Many of us have been talking about Ramalinga Raju and his candid confessions. Spare a moment for the man who built the country’s fourth largest IT empire and gave livelihood to over 50000 families for over two decades and hope for millions of shareholders.
Don’t get me wrong – I am not siding with Ramalinga Raju for what he has done, nor with Satyam’s pseudo corporate governance which is fairly and squarely to be blamed for.
All I am asking is – Is Raju the only one to be blamed for ?
From the letter, it is apparent that he is taking all the blame on himself. Should we not look beyond what is seen in black and white ?
Common sense tells me that
a) CFO is to be equally blamed for
b) External and Internal Auditors did not do their job properly
c) Banks also played a role
d) Regulators for not having the right oversight
e) Independent Directors of the company
…and may be some immediate family members who were privy to such information.
I also suspect the claims of some of the Directors who say they were shocked and that they had no clue about what happened.
How can you not know about something of this magnitude when it is orchestrated by those with whom you spent several hours in a day discussing the various aspects of business, for several years?
Is that you did not pay attention or is it you are not intelligent enough to ask the right question?
Any which ways, these Directors also will have a lot to be answered for.
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