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Sambhar Mafia - Cooked To Kill!

Thursday, January 08, 2009

Accused #2 in Satyam Fraud: Srinivas Vadlamani

Although Ramalinga Raju has absolved his entire senior management of any wrongdoings, it is common knowledge that a financial crime of such magnitude could not have been committed without the knowledge of the bean counters. The person in focus here is Srinivas Vadlamani, the Chief 'Fraud' Officer of Satyam. Willingly or unwillingly, Srinivas has been party to the accounting irregularities at Satyam. Ramalinga Raju is lying when he says that his CFO and other top management were not involved. Given where things stand, Srinivas should have either been sacked or he should have resigned on his own. The more time he is given to remain in Satyam, he could cover up or hide some of the irregularities to protect himself or some of the other executives. Alteast the interim CEO Ram Mynampati should have mentioned that he is appointing a new interim CFO to assist him. The CFO has lost the trust to continue in his current role and nobody (including the ineffective Board) seems to be bothered about throwing Srinivas out.

Update: Interim CEO Ram Mynampati informs during the press conference that CFO Srinivas Vadlamani has not been in office for the past week. Srinivas has sent in his resignation today and the Board is yet to act on it.

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4 Comments:

  • three of my cousins are working in satyam.. they are more worried now

    By Blogger Chriz, at 3:31 PM  

  • Now that this Fraud Officer should debarred of his membership if he is a CA.

    By Anonymous Karthik, at 1:57 PM  

  • Under CID investigations Mr. Vadlamani has revealed the following point for which we need interpretation:

    Begin Quote:
    According to me fixed deposits are unreal and fictitious which were managed and was an understanding between the audit section management.
    End Quote:

    Does he mean audit committee or auditors or Internal audit team? One has to wonder!

    By Anonymous Karthik, at 7:21 PM  

  • @Chriz,
    With the new board being appointed, I'm sure something positive would emerge.

    @Karthikm
    Vadlamani Srinivas is trying to claim ignorance and put the blame on a guy called Ramakrishna who was taking care of the accounts.

    By Blogger Kaps, at 7:29 PM  

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