It comes as a no surprise. All of us know how deep the devil called corruption is rooted in India. That’s not just in the Government sector. But also in the private sector.

A recent survey by TII [Transparency International India] reveals worst facts. More than 30 percent of the total 2,742 business executives surveyed around the world regard Indians as the most corrupt to get their business done faster. Continue Reading

One Killed. Ten Injured.
A bomb blast has been reported in Jyoti Kuchi in Guwahati on Tuesday evening. Intelligence officials informed that at least one person died and 10 were injured in the blast.

It should be noted that Union Minister of India, Pranab Mukherjee was supposed to hold a rally on Tuesday. Yesterday, Union Minister Pranab had given a press conference making a strong statement against terrorism while campaigning in Jangipur. Continue Reading

Dear colleagues,

I write this mail to update you on some critical Board and Leadership level changes in our company, effective immediately. A series of extremely unfortunate events led to this, which I am sure you have seen covered in the media over the past few hours.

A SWAT team consisting of senior leaders has been formed. Many of them are Satyam veterans with a minimum of ten years experience in our company and more than twenty years in the industry. I have been requested to play the role of an Interim CEO and this team will support me, as we steer Satyam through this challenging phase. These are the leaders on the ground and have always had the final call on most customer and associate related matters in the company, so far. This team has committed to work together, to make it happen. The SWAT team represents all customer facing units, key horizontal competency units and critical support units. Continue Reading

Dear Board Members,

It is with deep regret, and tremendous burden that I am carrying on my conscience, that I would like to bring the following facts to your notice:

1. The Balance Sheet carries as of September 30, 2008:

a. Inflated (non-existent) cash and bank balances of Rs. 5,040 crore (as against Rs. 5361 crore reflected in the books)

b. An accrued interest of Rs. 376 crore which is non-existent

c. An understated liability of Rs. 1,230 crore on account of funds arranged by me

d. An over stated debtors position of Rs. 490 crore (as against Rs. 2651 reflected in the books)
Continue Reading

A “True Lie” infact. Ironically, Satyam means truth. Chairman and promoter Ramalinga Raju confessed that the Hyderabad based Satyam Computers has been lying to its shareholders, employees and the entire world for many years. Regarded as India’s largest ever corporate fraud, it is estimated that the scam is more than 7,000 crore.

Considered to be the fourth largest [or was the fourth largest] IT company after TCS, Infosys and Wipro, Satyam has been cheating its shareholders, employees and clients by manipulating the revenue and profit sheets and thus boosting cash inflows. Satyam has also reportedly shown interest income when actually nothing existed. Continue Reading

Security forces are still engaged in gunfights with terrorists at luxury hotels Taj Intercontinental and Trident after armed gunmen went on a rampage in Mumbai on Wednesday evening.

Six blasts were heard at Taj and one at Trident (formerly Oberoi). Fire was still raging in the old wing of the Taj hotel several hours after it was rocked by five to six blasts and enormous clouds of black smoke rose from the century-old edifice on Mumbai’s waterfront. Continue Reading

7 foreigners are among 15 taken hostage by 2 gunmen in Taj Hotel in Mumbai.

Two terrorists carrying guns tonight took 15 people, half of them foreigners, hostage on the roof of the luxury Taj Hotel here, one of the hostages who managed to escape said.

Two youths in their 20s came to the restaurant of the hotel and took 15 people to the roof of the hotel, Rakesh Patel, a businessman from London who lives in Hong Kong, told NDTV giving the first eyewitness account of what happened in the five-star hotel in South Mumbai. Continue Reading

Army personnel enteredTrident (formerly Oberoi Hotel) in South Mumbai to flush out terrorists. Continue Reading

It’s now Mumbai. After series of bomb blasts all over India recently, Mumbai has again become the target for terrorists. Heavy exchanges of gunfire were taking place at around 2 this morning between police and terrorists, who were holed up in two luxury hotels in south Mumbai, after the worst terrorist attack in India had seen at least 80 people killed and over 150 injured.

The army was called out as terror attacks swept through the city late at night, with a third 5-star hotel in a suburb also having came under attack. Police claimed to have killed two terrorists, even as a police vehicle was hijacked by the attackers. Continue Reading