Not a one-man show
I agree with Paranjoy Guha Thakurta’s views in his article Till the next scam surfaces (January 12), that such a huge scam could not have taken place without the complicity of our regulatory authorities, auditors and the directors of the company. It is not possible for an individual to execute a scam of such magnitude. It is time that all regulatory authorities practise more vigilance so that such bungling does not happen in other companies because it shakes the confidence of overseas clients on whose patronage our maximum business is dependent.
Pinku Taneja, via email
the satyam fraud is neither surprising nor shocking. The episode has only exposed the inefficiency of government authorities like Sebi, the RBI and the auditors. Though unfortunate, such incidents are only getting importance by the media since the government is occupied with its vote-bank policies. Instead of ensuring stringent corporate governance, all political parties are busy devising strategies for the forthcoming elections.
NVSN Murthy, Hyderabad
Paranjoy guha Thakurta is right in saying that it was not possible for Ramalinga Raju to plan and carry out the fraud alone. Also, officials from the Finance Ministry, Sebi and the company’s auditors must now deliver. Rosy pictures were presented to investors to keep up appearances. Finally, Raju decided to pack up when things got difficult to hide. This is a unique form of cheating with the help of auditors, and should be an eye-opener for others in the field who have been endorsing the ‘new economy’ all these years.
Mukul Goel, Noida
Judging the judges
Apropos of the report Judges unwilling to declare assets (January 11), India is the only democracy in the world where judges are not willing to make the details of their wealth public. The information provided by the Supreme Court and High Court judges would help our judicial system come clean and increase the public’s faith in, and respect for, the judiciary. By opposing this move, our judges will only harm their reputation and further encourage corruption in the judiciary, especially in lower courts.
Kuldeep Sharma, Delhi
The report Another twist and arrest in DDA scam (January 12) makes one question the government’s seriousness in cracking the DDA scam. Instead of helping the common man to own a house in the national capital, the DDA is making house-aspirants poorer by launching such fraudulent schemes. The authority earns huge profit every time it comes out with a new scheme. Public welfare is not priority for the DDA. The government should order a CBI inquiry into the functioning of the DDA and punish the guilty.
S.P Manchanda, Delhi