Satyam saga continues...

Well, when I first scribbled a few lines in the original post, little did it strike me that the entire company could be a sham. And now, with all the details coming out, I hardly have anything to write about that has not already been written about. Couple of points I want to make, still:

• Describing it as India's Enron: The moment the news came out, I instantly remember thinking that all sorts of media will call it India's Enron. And I was correct, mostly. Even the venerable Economist magazine did not escape this. And while expected, this shows how people like to quickly compare situations even though the underlying situation at ground could be completely different. Maybe Satyam actually has an impressive set of operational ability and only the finances were fudged. If true, then it is very different from Enron, isn't it?

• Now that Satyam-Maytas link is out in the open, there have been hypothesis about the links. Earlier, it was "Satyam bailing out Maytas" then to "Actually Maytas was bailing out Satyam" and again back to "Maytas was feeding on Satyam, the merger was only a sham because murk is easier in Real Estate than software business" (Yeah, I believe that !!!). The thing is it is all out in the open and people can make their own judgements

• And finally, given the various conspiracy theories floating about Satyam and its corporate governance right from the beginning, some of them are really interesting. Just google them and you'll get the links. It goes as far to stating that the whole Sify-Rajesh Jain deal that sparked off crazy Internet valuations in India was a sham. Really now all I can say that anything could be right. Only Raju knows !!!

Let us wait and watch the response of the Indian biz community to this saga. Markets have responded in an interesting way. Check out the companies that rose and fell on the day Satyam news came out. Was corporate governance the dividing factor? (I refer to the Sensex/Nifty stocks only)