The confession and admission of the historic fraud ever happened in the Indian corporate history, by the IT tycoon Ramalinga Raju Chairman of Sathyam Computers ,were a rude shock to the industry circles, investors and employees of the firm besides the politicians of the country! A fraud that has been built up over a period of more than 7 years surfaced by the voluntary confession from the fraudster himself who happened to be the founder chairman of the 4th largest IT outsourcing firm of India, and whose clients spread well over 65 countries and include many iconic names. Tragic to say the least!!

Leaving aside the aftermath of this great fall, by way of losing international credibility for the Indian outsourcing industry, losing of jobs for thousands of its employees and the plight of the devastated Indian investors, it is time to think in prospective terms. When we boast of the fool proof controlling systems in the form of SEBI, Company Laws and Professional Auditors, is it palatable to know that the fraud was not known to anyone else except the chairman himself and the financial head of the company? What is the credibility of the Indian Corporate Governance? Is this the one and only such incident? or only the tip of the iceberg? If not as an investor, as a responsible citizen of the country every one has a right to know the truth , the under currents and also the system we need to put in place at least now to obviate losing further sand from under our feet.

The politicians of the state has already distanced from this episode and has called upon other IT industry stalwarts to take up the responsibility of the sinking ship! A major IT giant has already expressed their desire to distance from a tainted company. It is for the authorities to rise up to the occasion and do some fire fighting measures to save the life of the poor hapless employees and investors before appointing a high level committee to go into the details of the great scam and to submit the report a year later !!??