Below is my take on today's happenings loosely based on Mr. Raju's letter and a generous dose of my creative license. In case anyone in keen on reading the reading the actual letter, they can access it here.
http://www.moneycontrol.com/india/news/business/ramalinga-rajus-letter-to-board/375195
Raju admits fraud, Satyam books are cooked;
Writes a letter to the board, gets SEBI disturbed.
In his letter he says, he has deep regrets,
And carrying a burden on his conscience, says "my accounts were nonsense!"
My balance sheet is inflated, cash has been (ahem! ahem!)wrongly reflected,
Interest has not accrued, and debtors have been misconstrued.
Quarter on quarter, liabilities were understated,
Accounting norms were vitiated, margins were inflated.
Revenues were atificial, but to me, all was beneficial.
Over the last several years, he says, what started as a marginal gap,
in gains, got ingrained.
I tried hard to put a cap, using everything that was available under GAAP,
but all in vain, he refrained.
The difference got accentuated, because of the rising costs,
as an analogy, let's look at ecology.
We were on a tiger, while being unaware of an accounting rider,
that when the beast gets hungry, it consumes all and sundry.
Now to the part where the letter pleads to exonerate, folks he says,
i didnot corrode.
Men of letters, they just sat on the board, enjoying their food platters,
but never did they wink, on my creative accounting ink.
In fact, let me take the liberty, of constituting a task force,
of business and support, not to save face,
but to see how we can now acquire Maytas with grace!
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2 comments:
Well said. I think all this was destined to happen. Protagonist in your poetry belongs to Raju community in Andhra. They are known in Andhra for their closed and unfriendly to others kind of social network. Most of them earn through fish farming where they do whatever they want to without having even the slightest shard of empathy. With all due respect to the first generation of entrepreneurs, I feel that while analyzing such companies, one should try and look at the social background of people leading it. Might just help. May be wrong, but just may be.
Shaayar-e-azam!!!
Well written,
Words mein hai bada dum!!
Well done well done.
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