I had made an attempt to write a few research papers some time back. Some were presented, published and appreciated; some didn’t either due to me not meeting the required deadlines or my boss not being interested. I take the opportunity to share some of the abstracts with my readers here. .
The fear of a recession looms over the United States. Indian markets crashed taking a cue from a probable recession in the US and a global economic slowdown.
The underlying cause of this depression is the greed of those who failed to anticipate the consequence of their actions.
Obviously, to maintain profits or to just cut even in the current scenario big global companies have started downsizing their workforce wherever they can.
Also, most American companies who have outsourced their technology-related jobs to Indian companies might be affected in the near future.
In 2009, the fourth largest IT company, Satyam Computer Services with its promoter, B. Ramalinga Raju, has confessed to the country’s largest ever corporate fraud of Rs.7,136 crores by manipulating the company’s books for years to inflate profit and revenue figures.
It has been widely reported that Raju along with members of his promoter family was involved in movement of funds to Maytas who are into real estate.
Price Waterhouse has been the auditors of Satyam and reported to be involved in a lot of things not expected from the auditing profession.
This research paper will try to find out, (1) whether the Satyam episode is the result of a failure in the existing systems and regulations that have been put in place to see to it that such things never happen and (2) what needs to be done now after unearthing this gigantic fraud.
Key Words: accounting fraud, sub-prime crisis, recession, outsourcing, greed, BPOs, KPOs, bailout, downsizing, corporate fraud, corporate governance, global economic turmoil, confidence of various stakeholders, all regulators in India,
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