(b) Why did Raju apparently come clean while submitting his resignation? Did anyone ask him any discomforting questions? Not a single eyebrow was raised on the economic viability and vibrancy of Satyam before he sang. Even the Goliaths of the Financial World were rudely taken by surprise prompting them to jettison shares of Satyam from their Portfolios at fire-sale prices. The question that still begs an answer is this - what propelled Raju to tell the world that

“Look here I am a fraud. The extents of my fraud are Rs 70 billions and now come and catch me if you can.”

If we take his initial statement to be true that books were inflated then to find that out after his resignation would have been extremely difficult considering Board members like Ram Mynampati could not even smell it even after being in the company for a decade - what a nincompoop! How could a fresher in the Board even dream of cooked books when there is a seal of guaranteed correctness from an international audit firm, PwC. Then why did Raju do a kamikaze on Indian Economy in general and India Inc in particular? And if what he now supposedly confesses that books were not inflated but money was siphoned into land deals is true, then why didn’t he correct the situation before he resigned. I guess putting money back into the company would any day be a better option, than be crucified as a cheat and a criminal, for a man who commanded such high respect as a globally recognised Indian celebrity entrepreneur and a demigod for many Indians, especially Andhrites. Then why did he not take the logical path. Does he also have a handler?

Like it or not, this is another terrorist attack on the Indian Economy like the 26/11 Mumbai attack. We can pooh-pooh it as a conspiracy theorists’ bad imagination, but the circumstances demand that we investigate the possibility of confession at a gunpoint. And this theory will pass the Litmus Test the day another Behemoth of Indian Industry sinks without a trace, euphemistically speaking. This has to happen in immediate future in a bizarre manner since many companies have plenty of skeletons in their cupboards which can act both as catalyst and ammunition for a conflagration in any giant corporate house - a la Satyam. What happens then to faith in India Inc and its checks and balances. We as Indians cannot afford to let Satyam drift away into oblivion.

So before lightening strikes again we have to strengthen our house to ward it off. We cannot afford to let Satyam be quoted in history as a failed company. As things unfold, the unshaken belief of investors and stake holders of Satyam in Satyam will be vindicated. The company never failed - there has been a robbery in the company. Some robbers have been nabbed and rest of the accomplices will also be ferreted out by the investigators. But what surprises most is the fact that government is juggling with the idea of a bail out package to revive Satyam. For crying out loud, why isn’t the government simply confiscating the cache of loot from the robber-in-chief and restoring it back to Satyam. The first reaction to the public announcement of acceptance of fraud by Raju should have prompted the Indian administration to freeze all bank accounts and confiscate all assets of Raju and his family members, even before initiating any investigative proceedings. That would have been the proper impartial approach of any nation, except Banana Republics. After all, someone is crying hoarse that he has committed mayhem like murders and our administration is found questioning the veracity of the confession of the killer! Throwing red herrings like the confession letter is not signed by Raju! Shouldn’t such officials be also taken for interrogation for complicity in the crime. It would have happened just like that in any other civilized part of the world - but not here in India. No one questioned the self confessed villain and he was not disturbed for more than 72 hours. The authorities had various kinds of doubts…to dispel them at least get hold of the supremo for questioning. Oh what absolute power does this self confessed criminal enjoy! That brings us again to the fact that even after clear confession, many a times we have expressed our inability to nail him. Think of what would have happened if he had not squealed. Generations would have passed away singing praises for Raju and Satyam. At least, some Raju temples would have sprung up in Andhra Pradesh, if they do not exist already.

Now can we fathom the extent of damage that India is doing by not acting in accordance with accepted norms? The global investor is gauging India and its ability to contain such individual acts of looting and daylight robbery. After all, to make it a one off case there should be elaborate exhibition of swift and exemplary punitive action coupled with financial resuscitation programme for the company. Even now its not too late to show the world our sense of purpose to deliver justice and restore the stolen booty to its rightful owner, ie Satyam. In case we are unable to deliver properly on this issue of Satyam, then rest assured there will be many more Satyams that we will have to deal with. And do you for even a second believe that we can ever restore faith of the global investor in Brand India? This branding exercise has taken painstaking 15 years or so, all to be blown away by our inaction. Can you not see the domino effect it will have on our industry, starting with IT industry?

You need no crystal ball gazing to arrive at the conclusion. Indian economy is at a threshold of either leapfrogging ten years ahead or retracing ten years backwards, after the global economic slow down cycle gets completed. Lets acknowledge that we are witnessing a watershed moment in the history of Indian Economy. Let us all hope that we play our cards properly, starting with Satyam.