seema has just posted in the Career forum of Wiki Newforum under the title of 15 Biggest technology scandals of 2009.
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Image: http://infotech.indiatimes.com/photo/5296110.cms
If Satyam scam was a shocker, this was a bigger. Seems Satyam founder B Ramalinga Raju didn't see much in his admission of over Rs 7000-crore scam. For, Raju and his family were back to claim their stake in the company. Raju and his family attempted to bid for the beleaguered IT firm, even as one of the pre-conditions for bidding was a good corporate governance track record.
The revelation that the erstwhile promoter of Satyam featured in the initial list of 141 suitors is reported to have been made by TN Manoharan, a government-nominated member on the Satyam board and former chairman of the Institute of Chartered Accountants of India (ICAI).
Bidders who expressed an interest in Satyam were only privy to the takeover norms stipulated by the board such as a three-year-lock-in for a strategic investor and a ban on asset stripping for two years, among other things. They were, however, not given any access to the 'virtual data room' including the financial position as well as assets and liabilities of Satyam, once ranked the fourth-largest software exporter of the country.
The marque list of bidders included engineering firm L&T, billionaire investor Wilbur Ross, IT services firm Tech Mahindra, BK Modi-promoted Spice Group and IT services firm Cognizant Technologies.
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