The swiftness with which the sale of Satyam was effected has made headlines (please see links below). At stake were not only the interests of the company and its stakeholders (including shareholders, employees, customer, and so on) but also the credibility of
The following are links to some recent press reports and editorials:
While the task of finding a buyer for Satyam may have been accomplished, it is necessary to bring the accused in the fraud to book with equal zeal, failing which there could be a moral hazard problem. While the investigations by regulatory authorities have met with several hurdles along the way, they too have acted with unprecedented speed. Satyam’s sale decision coincides with the conclusion of the probe by the Serious Fraud Investigation Office (SFIO), whose “report runs into 12,000 pages in 30 volumes”. Earlier this month the Central Bureau of Investigation (CBI) filed its charge sheet in the case.
It seems that considerable progress has been accomplished within 100 days since the revelation of the fraud at Satyam, but there is still a long way to go before the saga can reach its logical end.