Andhra Politics - Congress ;TDP;PRP;TRS

Satyam Software Ltd has gone bankrupt after the CEO Rama Linga Raju revealed that he committed fraud by falsifying the accounts of the company over the last few years. He admitted that the profits and interest gains shown by Satyam every quarter are not true and were done just for the sake of saving the company from the threat of takeover. This is considered the biggest corporate scam of India where 7000 crore rupees were embezzled. Satyam is now being called ‘Indian Enron’.

That the CEO of Satyam and the central office of Satyam are in Andhra Pradesh, questions about the ‘hand’ of the politicians if the state are being rised. It is very clear that the state government has nothing to do with the fraud, about which the board of directors themselves were unaware. However, the state government is being criticized for not being more careful with this company. In fact, the government has given away 50 acres of land worth Rs. 200 crore for a meagre amount of Rs. 5 crore in Visakhapatnam to Satyam Software Ltd, on the condition that Satyam will provide employment to 10000 people in the state. The government should have been more careful while taking such important decisions!

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