Of Shattered Pride and Neverending Hope
Friday, July 15, 2011
The Ring Master
Monday, February 21, 2011
Of CWG and Spot Fixing
Friday, September 3, 2010
Common "Wealth" Games
Friday, July 30, 2010
Kolkata Kolkata burning bright
Wednesday, March 24, 2010
South Africa and Sachin reaffirm their status
Thursday, February 25, 2010
India draw level against South Africa, retain top test spot
Friday, February 19, 2010
We should play more against Bangladesh: MSD
Friday, February 12, 2010
Austerity is the Way to Go!
Wednesday, September 23, 2009
When a political party decides to launch a similar campaign after its heir apparent has successfully spent 5 years of his life toiling in villages of India (read U.P.), you gotta give it to them too. It is a nice innovative thought to go on an austerity drive and save some bucks that could go in re-innovating your offices or could probably give you a chance to wrap up whirlwind tours too. As for the cynics, whose lives may be fraught with the dangers of recessions, escalating prices and taxes, take a chill pill and watch the Babas and Babus of India's political destiny take control.
Secularism, Ideology, People and That Little Bias
Tuesday, June 23, 2009
T20 Debacle: Is it The Beginning of Yet Another End?
Wednesday, June 17, 2009
However, things are different today. In India, we excel at writing obituaries and we did not waste time in burying the Great Indian Team’s reputation after a debacle that’s surely going to take some time to forget. The once mild mannered and confident captain cool is now an epitome of haughtiness and the team that was touted to be the number 1 in the world is being written off as an over rated side with over paid stars. We can’t control the urge to analyse; we have so much of idle time to kill!
Once upon a time, we walked like Kings!Similarly, the team of 2009 seems to be similar to one that played the 1987 World Cup. Indians were favorites to win on the home turf in 1987. However, they succumbed timidly to the Gooch-force. In 2009, history repeated itself as England dashed all hopes of the tournament favorites. I consider it a logical argument when someone says that an off day in the office doesn’t mean that the team is bad but the manner in which all of it unfolded leaves a lot to be desired. At such a high level you expect the "favorites" to at least pull off one win in the big league. To make matters worse, they lost to two of the weakest Big 8 of World Cricket. A post mortem would yield several other reasons for the debacle but on the face of it, I believe three points turned the tide for India.
1. The Sehwag Fiasco: The tension was evident but no one exactly knew what was cooking in the dressing room when a grumpy captain started acting snooty in front of the media. Not the ones to take it lying down, the media too did not back out and a war ensued. There were shows of strength with the captain parading the team in a press conference (which reminded me of those politicians who trade ‘horses’ and then parade them before confidence votes) and declining to comment on the nature of Sehwag’s injury. The manner in which the rumors were rebuffed made them look true. Finally the curtains were drawn when Sehwag returned home. All of that left a bad taste and no doubt cast a shadow on the morale of the team.
..And then all that was left was a bruised egoIf you thought that I forgot our captain cool, you are wrong. I saved the last for him. The last five years have been like a fairytale for Dhoni. Like Midas, everything Dhoni touched turned to Gold. His rise from a small town boy to a youth icon was all in a short span of time. Everything that he did was talked about. Be it his hair style, his knack of taking radical decisions like sending in a greenhorn Joginder Sharma to bowl the last crucial over in a World Cup final or his link ups with beautiful women. He regaled in all that and no one minded it. Things began to change when people got bored of the status quo. There was a hue and cry over Dhoni skipping a State honor program and then not replying to the SMSes sent by The ‘humility personified’ Big B who went around in the town talking about the disrespect meted out to him. All of it could still have been in control but MSD lost his batting form too. Since he could not let his bat do the talking, he spoke himself and got entangled in a war off the cricketing ground.
Yeah, you need to do some thinking mates!3. The S(h)ort Ball Menace: The other teams had sorted the flat pitch Indian bullies before coming to England. They tested them with pacey short pitched stuff and the Indians were left incapacitated. The juggernauts that thunder on placid pitches squeaked and walked back to the dug out with tails between their legs. This tactics of the opponents caught them completely unawares. The silver lining is that these guys are talented enough to figure a way out of their shortcoming. The question is - do they have the time to do it?
Blaming the IPL for the slump is a bit too stretched on this occasion. None of these players sight an overpacked cricketing calendar when it comes to playing at the IPL because of the money involved. Since no one scrutinizes their performances in IPL so they never turn down this easy money which is guaranteed despite failing. Gautam Gambhir looked out of touch throughout the IPL season and so did Yuvraj but no one questioned that. Only when they faltered at the big scene talks about excessive cricket started doing the rounds. All major Sri Lankan players too participated in the IPL and all of them carried their form from IPL to the T20 World cup. When you have one team going undefeated in a tournament and owing its success to the IPL, you need to question your coach when he says that IPL spoilt the team’s chances. India has a good pool of players to pick from. Why is it then that the same players keep playing? Why didn’t these ‘overworked’ players opt for rest in some games of the IPL?
Much of what is posted in analysis is crap and the small bit that makes sense is like “dropping water on a duck’s back”. So, my dear Indian fans, stop burning effigies and shouting slogans. These bad days are like the troughs of a sinusoidal curve. The next crest lies someway ahead. Let us enjoy the low together because they say that it gets lonely at the top!
PS: And if you guys didn’t know, the Indian Women’s Cricket team made it to the Women's T20 World Cup semi finals! Read more...
The Color of Hate
Monday, June 1, 2009
So, can we brand Australia as being racist because of the recent spate of attacks on Indians? I am not too sure. There has been growing resentment against Asians in particular after the rise of terrorism in the last decade or so. With people from Asian origin being involved in major terrorist attacks around the globe, the people of the countries under attack developed a wrong impression about the entire region. The only thing that the World knows about Afghanistan for example is that it was the safe haven for Al-Qaeda until the US dismantled the set up there. That is not a good introduction. There is a cultural divide too that adds to the woes. Remember the monkey-gate episode between Bhajji and Symonds? It turned out that the judge was okay with Bhajji abusing Symonds with a Maa Ki but not with the supposed monkey taunt. It would have been the other way round in India! The ignorance and the cultural divide might also have led to the increase in the levels of intolerance and thus in the number of attacks against Asians.
It is not as if there is a sudden surge in such incidents. A lot of what is happening may also be attributed to the media attention. It is not that Indians were not beaten in Australia earlier. It’s just that the situation is in the limelight now. Having said that, I would be foolish to rule out the unfounded feeling of racial superiority that’s entrenched in the minds of a lot of people from countries like England, Australia and France. It is very much there and too evident to be missed out. It is important to raise a strong protest against the discrimination and the inhuman acts of violence that has the whole Indian community living under the clouds of fear. It is not that they have moved to these countries illegally. We have Indian students in Australia on full time scholarships, doctors, engineers and other people who are contributing proactively to Australian economy and growth. There has to be a more just way to handle this than with a simple admittance of lapses. Australia must show its real intent before the situation gets murkier.
However, an action by the Australian Government is not where the buck stops. In the entire furor created over the recent attacks, we have forgotten how we have been treating foreigners in our own land. True, it’s not of the racial kind but equally heinous. There have been umpteen cases of foreign tourists being befriended and then raped, robbed or murdered and we thought that predation was not a part of a civilized society? If we are demanding swift actions against the brutality committed on our kith and kin living abroad, where do we stand on handling such matters in our own land? The athiti dewo bhava motto that’s termed a tradition in India seems nothing more than a farce in real terms. Leave aside the foreigners, what has been done about the MNS hitting out at the North Indians and the Assam-Bihar tussle and acts of violence in recent times? Isn’t it imperative on the Government to come down heavily on the perpetrators of such crimes in India to send out a strong message? Discrimination in any form is highly objectionable. Action and not words is the call of the hour.
As I squirm seeing the images of battered young men being flashed on the TV screens, there is a larger question that pricks me – Is this evolution after all?
Elections 2009 - The Takeaways
Monday, May 18, 2009
There are a few takeaways from these results that I can think of. I might have missed on a few important takeaways as I write this post well past the midnight with droopy eyes and the stubbornness to complete it before dozing off.
Missed the bull's eye, rather the whole Bull
The 2009 general elections clearly write home the fact that the public has pronounced a clear verdict to shun the opportunist third and fourth fronts. Prior to the elections it was a free for all to claim his/her right on the PM’s post. The public took it upon itself to clearly state that it was in favor of a stable pre-poll alliance (UPA and NDA together got over 421 seats out of 543). The Left was left in the lurch and Laloo’s lantern was snuffed. The same leaders who were waiting to manipulate a predicted hung house are now queuing up outside 10 Janpath to offer unconditional support. The biggest relief is that the results have allayed the fear of a Mayawati or a Jayalalitha coming back to haunt a nation with their obscene demands.

The result has clearly underscored the fact that the nation can look beyond casteist politics and communal/non-communal propaganda. There was hardly any anti-incumbency in states where development has been the buzzword. Andhra, Bihar, Gujarat, Chhattisgarh, MP, Karnataka and Orissa have predictably given a clear mandate to performing Governments. Following the same logic, the Left Governments have been left biting the dust. Congress regained its mass base in UP solely because of the untiring efforts put in by Rahul Gandhi in the past five years that were termed kiddish and just cheap fun under the sun by others.
There is gross misconception in assuming that the magical five letter word spelt as Y.O.U.T.H. has simply succumbed to the charm of Rahul Gandhi. People have voted Congress because they wanted stability and the in-fighting in BJP and lack of a definitive ideology made it easier. The Congressmen I see on TV are hell bent on proving a wave of Rahul mania sweeping the elections. However, in the whole humdrum, they have chosen to conveniently ignore the contribution of a someone called Manmohan Singh. Believe me when I say that a lot of people voted Congress because of this man. Reasons varied from sensible to bizarre. But when it came to according credit, the PM himself believed that the victory was due to the efforts of Sonia Gandhi and Rahul Gandhi. There's a thin line separating humility and lack of confidence so giving people the reason to be in doubt should be avoided. I won’t regard BJP a sore loser if it still says that the PM’s office has been devalued. I hope that with a strong mandate to back him up this time, Manmohan will be much more impressionable as a leader and for once will give his Government and not a person the credit for some good work he does.
Takeaway 4: Dynastic politics is here to stay
Dynastic politics that Rahul lamented at in his last press conference is back in business. Have a look at his high profile youth brigade that is expected to get recognition in the ministry. Sachin Pilot ((S/O Rajesh Pilot), Jyotiraditya Scindhia (S/O Madhav Rao Scindhia), Sandeep Dixit (S/O Sheila Dixit), Milind Deora (S/O Murli Deora). They all are hopefuls. Nothing seems to have changed except that political legitimacy has been granted to the Prince who will be the King.
I think the results demonstrate the defeat of a negative campaign, of the fear of a non-deserving casteist sycophant or a corrupt politician assuming power, of the hatred spread by inciting religious sentiments and sending development on the backburner and of the lack of discipline within the opposition where the question of future leadership took precedence over the current task at hand.
Rahul's charisma played an important part in the victory but it's still early days to think of this Gandhi scion as the savior of a degraded system. I have always felt that the best question to answer in an examination is an objective question with a YES or a NO as the alternatives. There is 50% chance that even if you don’t know the correct reason, you will answer the question correctly. The people’s verdict is also one such answer in a YES and NO. Everyone can choose to draw inferences that suit their belief (same holds true for me too). Congress too has drawn its own inference and that could be a calamity of sorts if stretched too far.
The Gandhi family has regained unprecedented power to run the game and with talks of Rahul Gandhi assuming a cabinet berth doing the rounds, there is every possibility that the authority of the council of ministers will be undermined. Even the accolades being showered by the Congressmen on Manmohan are just because 10 Janpath has decided it that way. I fear ministers holding their opinion on a policy issue in a cabinet meeting just to know what Rahul Baba has in his mind to avoid speaking anything that may be against the vision HE foresees. It won’t be surprising if they unanimously authorize Rahul to take a decision in the best interests of the country.
But I am not going to be a pessimist this time. I just hope that all my doubts prove to be a figment of my imagination in the days to come because that would be the only way democracy in India would be preserved. The nation has played its part by sending a strong message to perform or perish. The ball is on the other side of the court now!
Gandhi Ki Aandhi
Monday, May 11, 2009
Sonia was offered Rajiv Gandhi’s vacant chair way back in 1991 but she declined. She was probably still reeling in the aftermath of the tragedy that had struck her family but things are different today. Rahul has more than one reason to feel worthy for the throne that’s waiting for him and he has every reason to feel so.
Reason 1 - The pedigree
There is nothing wrong in harboring political ambitions. Just as a doctor’s son becomes a doctor, a politician’s son can very well become a politician. Count this as a slight aberration when a doctor’s wife becomes the hospital in-charge and his son becomes the chief surgeon citing pedigree. Rahul Gandhi comes from a family that has a history of throwing up young leaders. Indira Gandhi and Rajiv Gandhi both became prime ministers while they were still in their 40s. Rahul needs to live upto that expectation as well. After retuning to India in late 2002, he has in no time acquired supreme capabilities as a leader. What he did while he was away is debatable. However, since the verdict is not clearly out, we must give him the benefit of the doubt. [Read: For Rahul and Against Rahul]
If I admit to being bad, then I am good! Talk of idealism and the face of Rahul Gandhi crops up. With forthrightness, he had extolled his family’s feats back in 1971. The comment had the potency of jeopardizing Indo-Pak relations had Rahul been in a position of command. Thankfully he was just a party secretary and nothing more. The same naivety presented as “forthrightness” was on display when he sang praises of his adversaries and derailed his party’s relations with his allies recently. The mending exercise cost people their positions and emissaries including the PM had to rush to explain the deep meaningful thoughts behind the praise. The silver lining, they say, has been the refreshing feel that his forthrightness has brought to politics. It really doesn’t matter if the timing is wrong. Rahul Gandhi can just not be wrong.
Reason 3 - Connection with the Youth:
I listened to Rahul Gandhi’s interaction with the youth in Ahmedabad. The intelligent man that he is, he declared that Gujarat was bigger than UK (the Google result on the comparison of size and population of these two suggests otherwise). There were claps all around. Sometimes, the charisma overshadows the effect of the words spoken. This was just one such case. He then went on to proclaim that India was BIGGER than US and Europe put together (Link) This time there were no claps. Maybe this time the power of words outweighed the charisma or maybe people were trying to figure where he got his stats from. Was he talking of the size of democracy and not the actual size? What would that comparison mean? It doesn’t really matter. What matters is that no one questioned him and people listened with rapt silence. That shows how well he connects with the youth. If there are no arguments, you can safely assume that things are under control. He also recently presented a unique solution for getting rid of terrorism in 15 minutes. I don’t consider myself qualified enough to dig deep into the radical method he would choose to adopt. Did someone say empowering the villages could be one way to do so? I am amused.
On a more serious note, there is no denying the fact that Rahul Gandhi has an identity of his own. The reticent Gandhi of 2004 has become a confident Gandhi of 2009. But can personal improvement from a zero to a 'X' become a measure to establish your credentials as a leader of repute? What if he had been an Indian Prime Minister sitting across a table with his Sri Lankan counterpart and lauded the guts and courage of Prabhakaran, what if he had met Obama and praised his nationalistic feelings for taking measures against offshoring and what if he had gone ahead and declared war on Pakistan thinking that it was probably as big as Bhutan?
No one knows what holds in future. With time he may learn and become worthy enough to lead. He does have age on his side and the intent to improve is there. But what makes me cringe is the way people go about lauding his credentials as a leader today when all that he has done has been to “understand” his constituency. The rational side of me finds it hard to accept a person with refreshing thoughts but no restraint as my leader. The opportunist in me says that I should probably side with him. After all, the might is always right and whether you like it or not, the dynasty is here to rule!
The Unusual Suspects
Friday, April 24, 2009
"If not the ball(s), the A** show gives me the limelight"
"Us thappad ki goonj sunayi di thee mujhe..ab us goonj ki goonj suno"
"Who says that a Gavaskar backs off”
"I don't like SRK. He killed Shilpa, our owner, in Baazigar"
"Mili juli sarkaar"I feel sorry for the fringe India players like Aakash Chopra and Ranadeb Bose who might well be nothing more than the usual Deane Keatons in this mystery thriller called “The Fake IPL Player”.
The blogger has not blogged for over a day and a half. Is he close to being caught after 5 days of misadventure? As a cricket frenzied nation, that laps up anything from a God drinking milk to a monkey man with a circuit board on his chests, waits in anticipation, the Kaiser Soze of the plot keeps us all amused with his stories.
IPL - 2: The Fake IPL Player Masala
Wednesday, April 22, 2009
There are a lot of conjectures about who this guy could be. I find it hard to believe that the guy is a player because he has much better writing skills than expected from a cricket player. Moreover, no one will ruin his or her own career and also land in a soup for writing with malicious intent. this guy definitely chooses the most hillarious names for characters on and off the cricket field. Sample these: Kaan Mooloo, Pedophile Priest, Appam C******, Havaii Chappal, Dildo and many more. After reading one of the blogs at Cricinfo, I came to know that the Team Management at KKR has taken a serious note of it and are frantically searching for the person behind it. This guy meanwhile is on a spree spewing venom with his writing.
First the dilly dallying on where and when to conduct the IPL and now this new controversy. The real action, this time for IPL, is not on the field but off it! Do have a look at the blog and I am sure that all of you who have interest in cricket but are not purists, like solving mystery puzzles, and love to savor spicy gossip or have time to kill like yours truly will follow it with a lot of interest.
Walk The Extra Mile - Choose to Vote!
Monday, April 13, 2009
Where knowledge is free;
Where the world has not been broken up into fragments by narrow domestic walls;
Where words come out from the depth of truth;
Where tireless striving stretches its arms towards perfection;
Where the clear stream of reason has not lost its way into the dreary desert sand of dead habit;
Where the mind is led forward by Thee into ever-widening thought and action;
Into that heaven of freedom, my Father, let my country awake."
The youth is in the focus today primarily because it comprises of the biggest chunk in the populace today thanks to the demographic dividend. Politicians are going all out to woo the youth. Therefore, it becomes imperative that the youth confronts them upfront for every issue that has been a part of our drawing room discussions so far.
It is true that the level to which the politicians have stooped down to in the present times is unprecedented. Use of unparliamentarily and many a times crass abusive language has become a norm. On the face of it, it might seem like choosing between the better of the two devils but that is a negative approach to adopt. We must understand that these corrupt people are intelligent enough to know that people who are educated can talk but they seldom come out to vote. So, they get away with calling names, playing religious cards and making promises that would take us a decade back in terms of development. Take for example a political party’s manifesto that promises to either reduce or stop completely the promotion of forward trading, share trading and mall culture besides curbing use of computers and English language. Is this a vision or a joke when in the times of a globalized world, you aim to introduce curbs to cut yourself from the rest of the world?
Diversity is the biggest asset that we claim to have as a nation. Sadly this diversity itself is used as a ploy to fragment us into groups. The issues being discussed in the run-up to these elections are flimsy to say the least. No one talks about upliftment of India as a nation. The parties adopt the policy of appeasing religious sects and caste groups. It is an easy thing to do because none of these parties seem to have a vision for India. But we can help them out by participating actively in the process and checking their monopolistic surge due to our lack of interest.
The voting percentage in the 2004 general elections was ~58% overall with the % of youth participating in the elections being 55% (a good 3 point less than the average). The urban youth participation % was still less with about 50% of them choosing to cast their ballot. (Source). There is still a sense of disempowerment and detachment from the state amongst a large section of middle class voter. Our patriotism and nationalistic feelings are confined to the three hours of watching a patriotic film or watching our cricket team win a match against our arch rivals. We don’t feel obligated beyond that to question ourselves at our apathy to contribute in a small way to the building of a nation (which is a continual process). Remember that your nationality is a part of your identity that people identify you with anywhere in the world. You are not an island unto yourself. If you don't respect it, people will not repect you.
Despite being taught that it is a good thing for society if people vote, even if it’s not particularly good for the individual, we treat it as a burden on ourselves. “These politicians are all corrupt” or “I have more important things to do” is our rhetoric. This can be corrected. Whether your vote would impact the direction of thought that these leaders adopt can only be a speculative thought. However, by the sheer power of numbers you can become a part of the potent force that is in all probability ‘pro-change’ - something that we desperately need today. True, the youth is impressionable but it is any day better than just being docile. Empowered by the power of information, I sincerely hope that we create the right impressions!
Not just in the voting %, the representation of youth in the Parliament is also a cause of concern. India’s first general elections saw 140 people below 40 years of age making it to the parliament. The number rose to an all time high of 164 in 1957. The 2004 elections saw just 61 making the cut. Is it because young people have resigned to the fate of a failed system and have begun moving to safer pastures that guarantee them seemingly better luxuries in life? (Source) The answer to this question is a disturbing 'yes' and this is what calls for you to choose your option. Either continue in the denial mode or combat? The choice is yours. Script a historical beginning or let the day go down as just another day of collective failing.
Vote to Assert
Thursday, April 9, 2009
One of the best things to have happened in the recent past is the level of information that we can extract to track records of people who represent us. This particular offering from Google in partnership with Hindustan Times is indeed a great help. You can check the development data for your constituency; learn about the candidate’s profile and track records including attendance in Parliament and also the latest buzz surrounding the Lok Sabha elections. In fact there is this other site that has provides the details of the MPs with criminal records. You even get to know the nature of cases against them. Let us try to make an honest attempt in understanding our representatives before the voting day.
I found it cumbersome to fill up forms for getting an ID and then getting it submitted but now with portals like Jaagore.com, the task has become a lot easier. So folks if you still don’t have a voter id, get up and make use of the help that these sites are offering. Though the process may seem slow, the system does work!
Satyam Saga - The Ugly Face of Corporate Greed
Thursday, January 8, 2009
"Humpty Dumpty sat on a wall.
Humpty Dumpty had a great fall.
All the king's horses and all the king's men
Couldn't put Humpty together again."
Sad that the underbelly of India's success story had to be exposed in such a fashion. A man named Ramalinga Raju who was dreaded to be a bigger adversary than Osama for the USA by the foreign media has lived upto his expectations. Satyam has scripted the greatest disater story in the Indian corporate history that has left us all red-faced.
It is pretty strange that within four months of being bestowed with the Golden Peacock award for corporate governance, Satyam's Chairman had to come out in the open with this kind of a sham. The image of the industry has been brought to disrepute and the brand India has taken a beating in the times of recession. I wonder if things would be the same again.
Following is the text of the resignation letter that Raju sent across to the Board of Directors at Satyam. It is amazing to read an account of the fraud committed. How come the auditors from PWC overlooked this? Stories of scams and immoral ethics in the corporate world have always existed but they were always talked of in hushed tones. Raju has opened a big Pandora's box and the Day 1 effect of it was a fall of 78% in the stock prices of Satyam. The latest is that Raju is not traceable and is believed to have gone to Texas or Dubai.
To the Board of Directors, Satyam Computers Services Ltd.
From B. Ramalinga Raju, Chairman, Satyam Computer Services Ltd
Dear Board Members,
It is with deep regret, and tremendous burden that I am carrying on my conscience, that I would like to bring the following facts to your notice:
1. The balance sheet carries as of September 30, 2008
a) Inflated (non-existent) cash and bank balance of Rs 5,040 crore (as against Rs 5361 crore refglected in the books)
b) An accured interest of Rs 376 crore which is non-existent
c) An understated liability of Rs 1,230 crore on account of funds arranged by me
d) An over stated debtor position of Rs 490 crore (as against Rs 2651 reflected in the books)
2. For the September quarter (Q2) we reported a revenue of Rs 2,700 crore and an operating margin of Rs 649 crore (24 per cent of revenues) as against the actual revenues of Rs 2,112 crore and an actual operating margin of Rs 61 crore (3 per cent of revenue). This has resulted in artificial cash and bank balances going up by Rs 588 crore in Q2 alone.
The gap in the balance sheet has arisen purely on account of inflated profits over a period of last several years (limited only to Satyam standalone, books of subsidiaries reflecting true performance). What started as a marginal gap between actual operating profit and the one reflected in the books of accounts continued to grow over the years. It has attained unmanageable proportions as the size of the company operations grew significantly (annualized revenue run rate of Rs 11,276 crore in the September quarter, 2008 and official reserves of Rs 8.392 crore). The differential in the real profits and the one reflected in the books was further accentuated by the fact that the company had to carry additional resources and assets to justify higher level of operations – thereby significantly increasing the costs.
Every attempt made to eliminate the gap failed. As the promoters held a small percentage of equity, the concern was the poor performance would result in a takeover, thereby exposing the gap. It was like riding a tiger, not knowing how to get off without being eaten.
The aborted Maytas acquisition deal was the last attempt to fill the fictitious assets with real ones. Maytas’ investors were convinced that this is a good divestment opportunity and a strategic fit. Once Satyam’s problem was solved, it was hoped that Maytas payments can be delayed. But that was not to be. What followed in the last several days is common knowledge. I would like the board to know:
1. That neither myself, not the Managing Director (including our spouses) sold any shares in the last eight years-excepting for a small proportion declared and sold for philanthropic purposes.
2. That in the last two years a net amount of Rs 1,230 crore was arranged to Satyam (not reflected in the books of Satyam) to keep the operations going by resorting to pledging all the promoter shares and raising funds from know sources by giving all kinds of assurances (Statement enclosed, only to the members of the board). Significant dividend payments, acquisitions, capital expenditure to provide for growth did not help matters. Every attempt was made to keep the wheel moving and to ensure prompt payment of salaries to the associates. The last straw was the selling of most of the pledged share by the lenders on account of margin trigger.
3. That neither me, nor the Managing Director took even one rupee/dollar from the company and have not benefitted in financial terms on account of the inflated results.
4. None of the board members, past or present, had any knowledge of the situation in which the company is placed. Even business leaders and senior executives in the company, such as Ram Mynampati, Subu D T R Anand, Kesab Panda, Virender Agarwal, A S Murthy, Hari T, S V Krishnan, Vijay Prasad, Manish Mehta, Murali V, Sriram Papani, Kiran Kavale, Joe Lagioia. Ravindra Penu Metsa, Jayaraman and Prabhakar Gupta are unaware of the real situation as against the books of accounts. None of my or managing directors immediate or extended family members has any ideas about these issues.
Having put the facts before you, I leave it to the wisdom of the board to take the matters forward. However, I am also taking the liberty to recommend the following steps:
1) A task force has been formed in the last few days to address the situation arising out of the failed Maytas acquisition attempt. This consists of some of the most accomplished leaders of Satyam: Subu D, T R Anand, Keshab Panda and Virender Aggarwal, representing business functions, and A.S.Murthy, Hari T and Murali V representing support functions. I suggest that Ram Mynampati be made the Chairman of this task force to immediately address some of the operational matters on hand. Ram can also act as an interim CEO reporting to the board.
2) Merrill Lynch can be entrusted with the task of quickly exploring some merger opportunities.
3) You may have a ‘restatement of accounts’ prepared by auditors in light of the facts that I have placed before you.
I have promoted and have been associated with Satyam for well over twenty years now. I have seen it grow from few people to 53,000 people, with 185 Fortune 500 companies as customers and operations in 66 countries. Satyam has an excellent leadership and competency base at all levels. I sincerely apologize to all Satyamites and stakeholders who have made Satyam a special organization, for the current situation. I am confident they will stand by the company in this hour of crisis.
In light of the above, I fervently appeal to the board to hold together to take some important steps. Mt T R Prasad is well placed to mobilize support from the government at this crucial time. With the hope that members of the Task Force and the financial advisor, Merrill Lynch (now Bank of America) will stand by the company at this crucial hour, I am marking copies of this statement to them as well.
Under the circumstances, I am tendering my resignation as the chairman of Satyam and shall continue in this position only till such time the current board is expanded. My contribution is just to ensure enhancement of the board over the next several days or as early as possible. I am now prepared to subject myself to the laws of the land and fact the consequences thereof.
(B. Ramalinga Raju)






