Thursday, January 8, 2009

Things i want to do before i die...

Hey guys,The blog bug has finally bit me and I am back . I am so excited about writing that i could not wait. Have you ever thought what all things you ever wanted to do before the inevitable.Well, Here is what i want to do before i run out of gas.

1. Spend a vacation at Antarctica.
2. Conquer the Everest summit.
3. Write a novel someday.
4. Sky Dive.
5. Visit the Abyss.
6. Para gliding. Achieved this feat @ my honeymoon :)
7. Build Six Packs. I will start working on this in sometime near future.
8. Board on the fastest roller coaster King Da just once though :). The ride is just around 50 seconds.

More Coming soon...

Guys & Gals start posting what you want to do before the permanent termination of the biological functions that define a living organism. Remember posts are monitored so don;t run your imagination wild :).

Wednesday, January 7, 2009

Satyam cooks, Markets Spooks... tanks 749 points.

My very first article, in a series of many more to come :)

Corporate India's biggest revelation in recent times, Satyam's Chairman Mr. Ramalinga Raju resigned from the board as to admitting frauds of whopping Rs 5040 Crores quarter after quarter. As soon as the news broke, Markets plunged 749 points. Satyam's stocks took heavy beating and plunged to Rs 39.95 closing 79% lower. Mr Ramalinga Raju admitted that the IT major's balance sheet has inflated cash and bank balance of Rs 5,040 crore. "No board member had any knowledge of the real situation. Accrued interest of Rs 376 crore in books is non-existent. Rs 1,230 crore was arranged to Satyam, but was not reflected in the books." There are fears that the stock could tank to 0 as soon as markets open today. Major stake holders in Satyam have washed out their stocks incurring heavy losses. NSE has removed Satyam from Nifty index and said Reliance Capitol will be the replacement with effect from 12th January 2009. Nifty index is a group of heavy weight companies that are selected by NSE which determines the index. An accounting fraud of such magnitude has never been committed in India, In US there were accounting frauds committed by the leading US telecommunications giant, WorldCom during the 1990s that led to its eventual bankruptcy, which is now a well known financial services case study.
Satyam’s net worth on March 2008 was Rs 7,357 Crores from Rs 5,789 in March 2007, which is a staggering 27% growth.
Satyam approximately has a mammoth strength of 50,000 employees whose fate hangs in balance. The company literally has a 0 bank balance and there are questions about the next payroll for its employees.

Mr Raju said "It was like riding a tiger, not knowing how to get off without being eaten," in his resignation letter.
Satyam’s auditor Price Water house has said that investigation is in progress and would not like to comment further because of “client confidentiality”. Being the auditor of Satyam, PWC job was to audit and validate the company’s quarter results.
According to Raju, Ram Mynampati will now act as an interim CEO.

There are rumors of a possible acquisition which in my view is strongly not a possibility, In grim situations and recession nobody would want to invest in a company like Satyam after a shocking fiasco.

In Sanskrit Satyam means truth.

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