The Satyam Saga is a compilation of articles by various writers from Business Standard, providing an in-depth analysis and low down on the biggest scandal to hit the global industry since Enron and Madoff.
Written as a very simple, easy-to-understand narrative, the book provides fascinating insights into the persona of Ramalinga Raju, his public image as a philantropist (he was responsible for EMRI, the medical emergency response service that has saved thousands of lives in half a dozen states in India - for free) and a visionary leader at Satyam, a company he created and nurtured as one of India's top 5 IT giants, in stark contrast to the crook he eventually turned out to be.
It also gives a good understanding of how our regulatory bodies and executive boards work, what can be done better, and how the Govt of India played a stellar role in ensuring Satyam did not go down, protecting its customers, employees and share holders from meeting a similar fate as Enron, Worldcom and Parmalat.
Another interesting article is on EMRI, Raju's pet project which he personally funded and helped grow into one of India's showpiece public-private enterprises through his persuasive powers and contacts. A few months later, Satyam and Cisco announced a joint venture to take emergency medical response software to the world. Was EMRI just a pilot aimed at creating and capturing new markets? Hard to tell, but with Raju, everything's possible! (After the Satyam fiasco, GVK has taken over EMRI)
For those who liked this book, I would also highly recommend "The Smartest Guys in the Room", by Fortune reporters Bethany McLean and Peter Elkind, based on the Enron saga. While Satyam was largely about fudging accounts and showing non-existent bank deposits, the scale, the variety and the reach of the Enron scandal was simply mind-boggling. That's a book you will not be able to put down.
1 comment:
Technology claims to bring about a revolutionary change in our lives. But looking at the history, it looks as if history is shaped only by the fundamental traits of human personality. Greed, hatred, love etc.
This must be really an interesting book.
As far as the "smartest guy in the room" is concerned, I wrote a "piece of fiction" based on a conversation I overheard during snacks time. Now I wonder where might be it's roots. :D
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