Satyam - Initial Private Opinion

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Tuesday, March 10, 2009 11:07 PM

Satyam auction - illegal disclosures?

Today's Mint has a piece by Manas Chakravarty and Mobis Philipose - " Minority shareholders at Satyam being short-changed ": "Why the company’s shares continue to be unstable even two months after B. Ramalinga Raju confessed to the...
Posted by Sandeep Parekh | 2 comment(s)
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Friday, February 13, 2009 7:54 PM

The Satyam regulations

In an ad hoc move, the Indian securities regulator has created an amendment for Satyam in the takeover regulations. This is wrong in principle even though the regulator may have done it with good intentions. The amendment also reduces the scope of a fair...
Posted by Sandeep Parekh | with no comments
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Thursday, January 22, 2009 12:06 PM

Improved disclosure on pledged securities

Here is the contrarian view of the improved disclosure decided by the SEBI Board yesterday regarding disclosure of pledged securities by controlling shareholder (promoters). It is too little too late. I've been going hoarse talking about a complete...
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Saturday, January 17, 2009 5:06 PM

Satyam - Board minute gems

Stop press - update : Minutes of the audit committee meeting of Nov 2008 satyamAudit.pdf (don't miss the World Bank misrepresentation on pg. 8/9) The Satyam Board of Directors' meeting's minutes of the infamous 16th December 08 are out and...
Posted by Sandeep Parekh | 2 comment(s)
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Wednesday, January 14, 2009 12:00 PM

Satyam - a dark parallel world

I just saw this AP story and couldn't help comparing it to the Raju/Satyam story - here is an edited version: "HARPERSVILLE, Ala. (AP) — With his world crumbling around him, investment adviser Marcus Schrenker opted for a bailout. However, his...
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Sunday, January 11, 2009 7:59 PM

Satyam I - what likely happend

In my FT piece , I discussed what was wrong with the story of the Raju confession, rather than what may be the correct story. Clearly, no one except those who carried out the fraud would likely know the story. Here is what may have happened as pieced...
Posted by Sandeep Parekh | 1 comment(s)
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Friday, January 09, 2009 3:49 PM

Satyam - lessons for India Inc.

Here is a piece I wrote for the Financial Times Op-Ed stating why we should not believe the confession letter. More importantly, I think this event will impact the reputation of corporate India. India Inc needs to clean up its intestines to remain trustworthy...
Posted by Sandeep Parekh | 7 comment(s)
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Thursday, January 08, 2009 10:04 AM

Satyam - introduction to series

I'm going to run a series of pieces on Satyam - please ignore the series if you have had more than your fill of the issue. As more facts seep in, I will keep updating the series as new facts are unraveled, recall, there are very few facts in the public...
Posted by Sandeep Parekh | 6 comment(s)
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Wednesday, January 07, 2009 11:21 AM

Satyam - couldn't get worse?

Whoa, big news on Satyam - Ramalinga Raju has confessed to his Board to 'cooking the books' for the past several years. The scale is breathtaking - witness actual operating profits for Sept 08 quarter is Rs. 61 crores ( Rs. 610 million); while...
Posted by Sandeep Parekh | 7 comment(s)
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Thursday, January 01, 2009 6:35 PM

Corporate Governance - more activism

Another victory for investors, though not decisive. Anyone following the Gujarat public sector companies may recall the government of gujarat was seeking to divert 30% of before tax profits of four Gujarat government dominated public companies which are...
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Tuesday, December 30, 2008 7:04 PM

Satyam - Board of directors quorum

A piece in the Times of India quotes an anonymous source in the Ministry of Corporate Affairs commenting on Clause 49 of the Listing Agreement - saying the Board meeting of Satyam will not be able to take place in the absence of a majority of directors...
Posted by Sandeep Parekh | 1 comment(s)
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Saturday, December 27, 2008 11:34 AM

Satyam – resignation and poor advice

I thought the resignation of Mrs. Mangalam Srinivasan (or at least the one reported in the news) was very mature. It demonstrated contrition, it was humble and it talked the walk by resigning. She stated she had concerns at the meeting but admitted she...
Posted by Sandeep Parekh | 1 comment(s)
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Wednesday, December 24, 2008 2:25 PM

Satyam - from storm to maelstrom

Just when you thought, things couldn't get worse for Satyam Computers, they do. The Upaid lawsuit in Texas, US, seeking over a billion dollars in compensation and also punitive damages (BTW, Texas is famous for giving fantastical awards in punitive...
Posted by Sandeep Parekh | 2 comment(s)
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Saturday, December 20, 2008 11:14 PM

Lawsuit against Satyam for over $1 billion

For those very curious and able to digest legalese, I was able to dig out some court filings in the Texas court by Upaid against Satyam Computers. The suit could result in upto a billion dollar recovery for Upaid. Here are the alleged facts of the case...
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Friday, December 19, 2008 2:45 PM

Regulatory appointments in the US and India

While the former head of NASDAQ stock exchange Madoff is in jail for carrying out the biggest financial fraud in modern history, the former head of NASD Mary Schapiro, its regulatory arm (and now Finra) is set to become the head of the US Securities and...
Posted by Sandeep Parekh | 1 comment(s)
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