Ramalinga Raju will spend at least another night in jail. The CID has got another day’s custody of Satyam’s former boss.

But the real extent of the Satyam rot is only just coming to light. The puclic prosecutor on Thursday told the court that Satyam may have faked at least 10,000 salary
accounts. The company actually employs 40,000 people, and not 53,000. Ten thousand employees were non-existent and 3,000 belong to attrition category.

CID sources told NDTV that Raju and the former Chief financial officer have confessed that they have been drawing the salary of the non-existent workers.

The public prosecutor also told the court that crores were possibly siphoned off every year, and diverted to benami accounts and that accounts were fudged, bank statements were forged and shares were transferred.

Meanwhile, SEBI’s petition to interrogate Raju also comes up for hearing on Thursday.

The Satyam scam could not have come at a worse moment. On the other hand the scam would not have surfaced but for this worse moment.

I have blogged on these lines in my blog.

Cheers!

Do we not know how valuations of countless Indian companies are nothing more then a number which is a wish of the promoters and how the books are changed to show those numbers?

Do we not know how companies use the same figures to raise money from the stock markets?

Isn’t it a clear case of the person caught being a thief and till the time you are caught, you are the true gentleman? Unfortunately for Satyam, too many incidents unfolded at the same time and at the international level or else it would just have been a case of one off mistakes (so what if we make one off mistakes every quarter :-)).

I am not saying that what Satyam did was right or wrong but just want to remind everyone, this is the CORPORATE world and there are no saints here :-).