Hey Srinivas,
This is my open letter to you, my professional colleague.. How on earth did you accept to do all such frauds? What did you gain out of this? Money ??? But did you give a thought on the repercussions? Hope you are aware of the disrepute you have brought to the accounting community !
It is so easy to conclude that an accounting fraud of such magnitude could not have been done without your concurrence. Being a CA, CS, CWA, LLB, am sure, there would have been hundreds of opportunities waiting for you – but you stuck on to Satyam – I am not questioning why you haven’t changed companies – being loyal is rewarded as we saw in the case of Chanda Kochar, but my question is why did you agree to do all such dirty things..
You were the CFO of Satyam – people have started calling you Chief Fraud Officer.. I was going through the Analyst conference call transcript of Q2 FY09.. When an analyst questioned you on the higher cash balance, you creatively answered and the second answer was clear that you were blabbering (now, I could understand)… Unfortunately, the analyst did not dig further into the question – had he grilled you there, may be you would have been caught… Your tone of answering the second question clearly proves that you made up the reply.
This is my open letter to you, my professional colleague.. How on earth did you accept to do all such frauds? What did you gain out of this? Money ??? But did you give a thought on the repercussions? Hope you are aware of the disrepute you have brought to the accounting community !
It is so easy to conclude that an accounting fraud of such magnitude could not have been done without your concurrence. Being a CA, CS, CWA, LLB, am sure, there would have been hundreds of opportunities waiting for you – but you stuck on to Satyam – I am not questioning why you haven’t changed companies – being loyal is rewarded as we saw in the case of Chanda Kochar, but my question is why did you agree to do all such dirty things..
You were the CFO of Satyam – people have started calling you Chief Fraud Officer.. I was going through the Analyst conference call transcript of Q2 FY09.. When an analyst questioned you on the higher cash balance, you creatively answered and the second answer was clear that you were blabbering (now, I could understand)… Unfortunately, the analyst did not dig further into the question – had he grilled you there, may be you would have been caught… Your tone of answering the second question clearly proves that you made up the reply.
Kawaljeet Saluja – Kotak Equities
Hi, my question are for, Srinivas. Srinivas any specific reasons why you have $500 million parked in current accounts which does not yield any interest.
V. Srinivas
No that is basically, as of the quarter ending, but subsequent to that the amount goes to the deposit accounts; majority of its in deposits now.
Kawaljeet Saluja – Kotak Equities
But Srinivas if I look at deposit account for the last 4 quarters that number has remained absolutely flat and most of the incremental cash flows have been parked in current accounts and this is not something is this quarter trend. Would you highlight the reasons for it?
V. Srinivas
No basically what will happen is this amount will be basically in different countries and then we will be bringing them to India based on the needs. Basically some of them are in overnight deposits and all that. So now, we have kind of placed them into normal term deposits. So next quarter onwards, we will see that as part of the deposits.
There is also news that you offloaded about 92k shares of Satyam in Sept 2008 – did you sense that you would be caught. Considering a price of Rs. 420/- per share (sorry for 420 – it’s a coincidence only), you have pocketed almost Rs. 4 Crores. Did you give a thought to those small time investors like me who have invested thinking that the price of shares would improve?
Now CA institute has said that it cannot take action against you as you are not a registered member? That proves how wise you are and how dumb I’m.. I pay Rs. 600/- (institute increases every year) per annum for nothing (other than the journal which I don’t read) and if am caught, my membership may be even cancelled. You don’t have such troubles as you are not a member at all…
Boss, if you had done with your knowledge, all I would say is that you are a stupid unless you have made money atleast for two generations… If you still hold to your statement that you are not aware at all, you were not fit to be a CFO of such a big organization…
Only time and proper investigation will tell the truth….
Hi, my question are for, Srinivas. Srinivas any specific reasons why you have $500 million parked in current accounts which does not yield any interest.
V. Srinivas
No that is basically, as of the quarter ending, but subsequent to that the amount goes to the deposit accounts; majority of its in deposits now.
Kawaljeet Saluja – Kotak Equities
But Srinivas if I look at deposit account for the last 4 quarters that number has remained absolutely flat and most of the incremental cash flows have been parked in current accounts and this is not something is this quarter trend. Would you highlight the reasons for it?
V. Srinivas
No basically what will happen is this amount will be basically in different countries and then we will be bringing them to India based on the needs. Basically some of them are in overnight deposits and all that. So now, we have kind of placed them into normal term deposits. So next quarter onwards, we will see that as part of the deposits.
There is also news that you offloaded about 92k shares of Satyam in Sept 2008 – did you sense that you would be caught. Considering a price of Rs. 420/- per share (sorry for 420 – it’s a coincidence only), you have pocketed almost Rs. 4 Crores. Did you give a thought to those small time investors like me who have invested thinking that the price of shares would improve?
Now CA institute has said that it cannot take action against you as you are not a registered member? That proves how wise you are and how dumb I’m.. I pay Rs. 600/- (institute increases every year) per annum for nothing (other than the journal which I don’t read) and if am caught, my membership may be even cancelled. You don’t have such troubles as you are not a member at all…
Boss, if you had done with your knowledge, all I would say is that you are a stupid unless you have made money atleast for two generations… If you still hold to your statement that you are not aware at all, you were not fit to be a CFO of such a big organization…
Only time and proper investigation will tell the truth….
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