Crisis in Sayam and Maytas

The story of Satyam and Maytas where Chartered Accountant has clearly denied that they have given report on value to his son’s company called as Maytas and where doubtful integrity of Satyam management is well established clearly proves the hollowness of all Audit reports or corporate governance in general. It is also reported that World Bank has also debarred these companies for eight year for alleged improper financial operation.

It is not astonishing in Indian context. Companies in general are manipulating their balance sheets in their style and as per their whims just by money feeding to auditors. In banking industry or in insurance industry or in government run departments, everywhere Chartered Accountants are purchased by gifts in cash and kind so that they may certify their books of accounts as per direction and choice of promoters, CEOs and high profile officers.

Money in our country play vital role in every segment of society in deciding the goodness and badness of any individual or any company. Money has the capacity to make or mar the image of anyone and everyone. Money has the power to turn the table in any department, in any office of the country.

Certificates in our country are as such unreliable from quality point of view and hence I never believe in even audit reports of the company. Neither do I believe any government officer or any tall claim made by political leaders during their rallies.

I believe in realities what I personally see and visualize what I perceive and conceive through personal inquiry and personal experience.

VIP’s of our country (Businessmen as well as political leaders and government officers) are experts in building castles in air to attract innocent masses. Only God can save us from the clutches of mischievous lot ruling the country. And only those who live in fool’s paradise can believe our rulers, administrators and businessmen.

Companies like Satyam and Maytas are numerous in all areas of life. Exceptionally few are however exceptionally good to shoulder the burden of the Nation at large.

Danendra Jain
24th d December 2008