CORPORATE SCAM & GOVERNMENT SILENCE:
WHY GOVERNMENT IS SILENT ON CORPORATE SCAM? BECAUSE THEY ARE TAKING HUGE AMOUNT OF DONATIONS, ALSO THEY KNOWS THEY ARE ALSO CORRUPT.
Corporate affairs minister P C Gupta said that initial investigations suggest a clear nexus between Satyam, Maytas properties and Maytas infrastructure.CID is questioning the Raju brothers and former Satyam CFO Vadlamani Srinivas .They are also looking into their e-mails and phone records over the last one month.Meanwhile, Andhra chief minister Y S R Reddy reiterated his government did not flout any rule in awarding the Hyderabad metro rail project to Maytas.
The reports say Satyam books have been overstated by Rs 5,000 to Rs 6,000 crore, leading to an inflated stock price that helped the top management make money. Apart from these, other senior officials also reportedly sold large number of shares. Sources say they include one Kiran Cavale who reportedly sold 400,000 shares and 10,000 ADRs and one Rajan Nagarajan who reportedly sold 430,000 shares and 70,000 ADRs.
BSE figures show a number of senior people in the company, including Raju and CFO Vadlamani were reportedly selling Satyam’s shares over the last 22 quarters.In June 2001, Raju had nearly 23 per cent shares. By December that year, his share was down to 22.4 per cent.In September 2002, it fell to 21.6 per cent which fell a year later to just over 19 per cent.In 2004, Raju’s holding was 16 per cent which fell to 14 per cent in 2005, 11 per cent in 2006. In 2007 it was in single digit.By September 2008 Raju’s share was just 8.27 per cent.BSE figure also show Vadlamani sold 92,538 shares while the then CEO Ram Mynampati sold 700,000 shares plus 2,50,000 ADRs. READ FULL ARTICLE