Government has realized now after spending so many days that Satyam episode will impact trustworthiness of Indian businessmen in particular and Indians in general. India is already victim of frequent terror attacks and there has been persistent war tension between India and Pakistan. Satyam fraud has added fuel to fire and will definitely force foreigner to reconsider their plan of joining relationship with India and Indians. . It is unfortunate that government could not nip in the bud, enforcing agencies as usual failed to perpetuation of fraud for last eight years and the most painful is awarding the fraudulent company Satyam with best Golden Peacock Award for best corporate governance in 2002 and 2008.It is heartbreaking that even after the shocking incident, government is backtracking and leaving the fate of Satyam to the mercy of God only in fear of political loss in the forthcoming election.
Now the reality has by grace of God come out through sensational suicidal exposure made by Raju himself who committed fraud and consistently befooled the entire system for last one decade. It i s well known that the fraud of such nature has impaired not only the creditworthiness of the country but endangered the career of 53000 employees directly and spoiled the future of several thousand other educated person in their embryo stage of employment. Due to erosion in trust, offshore companies may now discard other Indian exporters too and opt for other destination to serve their needs thus adding further agony to unemployed youths and the volume of business of Indian exporters.
Keeping well in mind the enormous damage caused by Satyam episode, our government headed by learned Manmohan Singh and experienced globally reputed finance expert Mr. P Chidambaram appeared to come into action ( in the same way as they posed after Mumbai blast by Pakistan based terrorists where Mr. Kasab admitted and exposed the involvement of Pakistan justy like Raju did in Satyam episode) )to salvage employed and unemployed youth of the country along with prospect of exporters.
But I am unable to understand why they failed to convert their dramatized desire into reality. Pakistan is not ready to budge an inch from their predecided stand of treating terror as state policy inspite of numerous proofs submitted to Pakistan and International community to prove that Pakistan is involved in Mumbai blast. Similarly our politicians could not solve Satyam problem by providing bailout package to Satyam as US head Mr. Bush did for AIG. It is remarkable here that bailout package of 700 billion dollar was rejected once by the Senate. But due to sincere efforts made by Mr. Bush, the bill pass passed by Senate and AIG and other several other companied could be saved from turmoil. Even the President elect Mr. Obama and other prominent arch rivals of Mr. Bush left no stone unturned to support Mr. Bush for salvaging the future of Americans as also rebuilding America in more full proof manner.
It is pity that Mr. Manmohan Singh failed miserably to convince his own Party colleague that the need of government assistance to Satyam at this state is unavoidable in the overall interest of the country. The inactiveness of the Government in view of imaginary fear of other companies resorting to same funda for demanding bailout package from the government is unrealistic and absolutely unacceptable. Firstly all other companies cannot commit fraud of such large proportion and there may not be similar other case where fate of more than 50000 employed youth will be jeopardized. After all Satyam was reckoned as fourth largest company in the country and other three Infosys , Wipro and TCS cannot be expected to repeat the story of Satyam.Mumbai blast was considered an attack on the sovereignty of the country and hence an option of war came into consideration. Similarly Satyam episode ins not less tha an attack on the creditworthiness of Indians. There is a proverb that a bad man is better than a bad name.
It is therefore need of the hour that government tries its best to solve the Satyam problem keeping apart the politics. Legal implications and complications which are apprehended and are likely to surface may be dealt with a group of veteran advocate of the country in a more and more transparent manner only when the government treats the Satyam episode as an attack on image. There is no harm if the government decides to nationalize the entire company and show the world that LPG (liberalization, privatization and globalization) is not a hurdle when the very faith is at stake. Freedom to businessmen does not mean to allow them to rape the career of more than 50K employees and enrisk the credit line for future.
Government should at least keep in mind the case of USA where they succeeded in stopping terror attack and they as I presume will deal with the present financial crisis successfully. On the contrary India has not learnt lessons ever after hundreds of terror attacks and numerous scandalous frauds like Harshad Mehta stock scam, Ketan Parikh scam, UTI scam, Stamp scam, Hawala scam, Chara Ghotala and so on . Our government has not leant lesson from the failure of Global truast bank and several other small banks which ultimately merged with big banks on the pressure of the government.
God knows whether government will really act or only pretend to act to win the election.
15th January 2009
Danendra jain
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