Satyam vs. Spectrum

via http://newstodaynet.com/newsindex.php?id=13925%20&%20section=13 published on January 12, 2009





The
Satyam fraud has shocked the nation beyond imagination. A fraud of this
magnitude (Rs 7000/- crores) involving a single company is
unprecedented in India
and it has caused immense damage to the reputation of Corporate India
in general and IT industry in particular. Every area of accounts has
been fabricated and even the pay rolls of employees have been allegedly
fudged! The company has been in the limelight for years and considered
to be one of the top four in the industry. It has also been listed in a
few major stock exchanges abroad including US.

 

It is very unfortunate that the ‘functioning’ of the supposed IT major has escaped the attention of SEBI and even its competitors have not been able to smell the rat. The Chairman
of the Company, Raju, has achieved immense clout in the political
circles in a short span of time, which has helped him to diversify his
empire through his sons at the cost of ‘Satyam’, in both sense of the
word.

 

A
fraud of this magnitude could not have been committed by a single
individual and it seems a group of people including politicos have been
involved. It is reported that even before the SEBI could act, Raju’s
‘arrest’ had been stage-managed and the Andhra police wasted no time,
in shamelessly terming the ‘surrender’ as ‘arrest’! As per the ‘Indian’
norms, Raju has complained of chest pain and he has been referred to a
private hospital, as ‘equal before the law’ policy is not applicable to
him, as he is more than the ordinary!

 

Now,
the centre has constituted a three member leading Board along with the
addition of a few Directors to salvage the company. This board is
likely to assist the probe, but whether the guilty would be punished or
not depends upon the ‘will’ of the government. Considering the
political clout of Raju, it is most unlikely that he would get the
severe punishment as per law. But then, the arrest, jail term,
investigation and other actions itself is a big thing and whether the
government would ensure the protection of hapless employees and
innocent shareholders has to be wait and seen.

 

Compare
this fraud of IT Company with the alleged fraud of IT Minister! If
Satyam fraud accounts to only Rs 7000/- crores, the ‘Spectrum’ scam
runs to more than ten times of Satyam! The deliberate adoption of
‘first come first served’ method for allotment of ‘spectrum’ 2G
licences, violating the policy and previous norms, by A Raja, Union
Minister of Communication and IT, has caused a huge loss of over Rs 70,
000/- crores to the government exchequer.

 

While
‘Satyam’ Chairman Raju had the ‘honesty’ to accept his fraud and
surrender, Minister Raja had the gumption to deny any wrongdoing in the
spectrum allotments and also had the audacity to say that everything
had been done as per the recommendations of TRAI and with the complete
knowledge of the Prime Minister!
A section of media has clearly established the deliberate malpractices
and proved the involvement of a few beneficiaries, which are in no way
connected to telecommunication, but connected only with the minister.
The Union Finance Ministry has also brought to the fore the alleged flaws in the allocation.

 

The opposition parties
have been asking for his resignation and demanding a thorough probe
into the entire process of Spectrum allocation. But, both the Prime
Minister and the Finance Minister
have been keeping quiet. Also, the Prime Minister has not replied to
the demand for permission to prosecute the minister. Meanwhile, the
Tamilnadu Chief Minister,
in the aftermath of the re-union with the estranged grandnephew and
former ‘IT and Communication Minister’ Maran, has publicly stated that
the Spectrum issue has been closed! Questions on the connection between
the re-union and the Spectrum scandal should not be asked!

 


While ‘Satyam Raju’ has been dealt with, as per the law of the land
for a fraud of Rs 7000 crores, ‘Spectrum Raja’ has gone scot-free for a
scam, which is ten times more than that! Politicos are always above the
law, stupid!  

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