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India asks US not to punish Satyam. But why?

India’s Sebi has asked US equivalent SEC not to punish Satyam and there are press reports that the same request was forwarded at political level to US.¬† This looks very absurd and so out of place on many fronts.

Why are Sebi and Indian politicians  taking special interests in this case and  pleading before foreign entities?
Even if we are taking it up, i want to know in what capacity are we talking to US? Why should SEC and US political leadership should listen to SEBI and Indian political leadership requests? Even if they throw their ears, what can they do?

This also raises one more question. Did SEBI go easy on Satyam fraud investigation? Did we compromise on getting to the bottom of this case? Are we protecting Ramalinga Raju or are we protecting politicians who played hand in gloves with Satyam entity? I was very hopeful of getting to know the complete details, if it landed in the hands investigators in US and UK. As i trust the foreign entities more than ours. There is more transparency in the system of SEC than that exists in SEBI. There is more to this case and we are shielding powerful political leaders.

I also see no point in SEBI’s request. Already shareholders of Satyam have lost their lifetime investments. The shareholders now are new and they bought the remainder of Satyam knowing fully well the conditions of Satyam. So, these shareholders are going to pay the price for the risk they have taken.

Mahindra has bought Satyam with full knowledge of liabilities of Satyam fraud both in India and abroad. There are shareholders in India, US and UK. All are interested in getting to the bottom of this fraud. Satyam fraud has shaken all of us to the core. This should not happen again and only way to prevent this from happening is conducting thorough investigation and punishing the culprits.



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