Satyam Story

First it was an attempt to acquire 2 companies owned by his sons. Then it was share buy back and finally its number fudging. Have all the skeletons tumbled out of the cupboard ? Looks like yes.
Seems unrelated events but bad timing right ?
Wrong.
See the tumbling of the events from the reverse.
There was figure fudging going on for a while. Which Raju was aware of. He tried to acquire Maytas for all the cash in the company not for the love of his sons or the promise of the infra biz. But simply to conceal the missing cash. In real estate its possible to conceal or reveal any amount of cash if you have a so called Land Bank. We all know real estate is the ultimate black money sink which is bottomless pit if you so prefer.
It appeared simple to acquire Maytas so records for payment of non existent funds can be created and Raju will never get caught. This back fired since US $ 1.6 was the total cash available and surprisingly the amount involved in the deal. Smells rat right ?
Right or wrong many factors like sons company , all the cash & wrong timing to invest in infra company all added up to a fateful week for Raju.
His game plan was OK. To clean up the books and save Satyam and himself. Had he tried to acquire a friendly accommodative IT company overseas and did that in multiples of US $ 300 to 400 millions over the next few years he could have accomplished the mission in installments but successfully. After all the fudging has been going on for 7 years. The sins of 7 years cannot be - more importantly - should not be cleansed in 1 go. That is the only goof up.
Better luck next time Raju ( if there is one )