Stock markets offer nonstop shocks

Ever new scam in the Indian corporate sector becomes the highest one. The scams at the time of late Harshad Mehta and Ketan Parekh seem rather trivial when it comes to Satyam Computers. Satyam Computer Services Chairman B. Ramalinga Raju has shocked the nation with what is called the biggest scam in Indian corporate history. He has manipulated the accounts of the company. The company’s balance sheet as on September 30, 2008, showed an inflated sum of Rs.5,040 crore. The name Satyam computers hereinafter will be known as Asatyam(lies) Computers.

The dishonest episode of Satyam Computers reveals how the auditors collude with fake companies to artificially project its assets. It is mystifying to see such a huge puncture could not be marked by the various investment analysts and merchant bankers. It is time to dismantle the market watcher SEBI for its inefficacy to check fake companies. The Satyam disaster is only a tip of the ice-berg and there are big sharks still in the glare of publicity, robbing people by way of keeping a few old computers without any other solid asset. Many IT and Real Estate companies fall in the group of Satyam.

The Prime Minister who deals the Finance Portfolio is left with nothing to cheer. If any one remains adamant, to admit still saying that India is not affected by financial meltdown could change his attitude. Stock markets are becoming a nonstop shock for average investors and they need to identify other investment area. The chartered accountant certification of the auditors of Satyam will be immediately withdrawn.

K A Solaman