A Common Man on Satyam

Satyam saga continues even today. What surprised me is some reactions that I came across about what should the role of Government in the case. Disbanding the board of directors and nominating the members on the board is fine but talking about bail out package for Satyam is something unacceptable to the common man of this country. A company which could not manage the tremendous growth and goodwill it created for the years due bunch of greedy people, why should the government spend money to save such company? I can understand the interest of the share holders is very important but using public money to bail out something like Satyam is definitely not a good idea. This would help may be few thousand people but if the same money is used for something it is meant for i.e. public works it would help the entire country. And if one can trust the news channels then the government is also heading in the same direction.

I will not surprised to see this happening because from the day 1, if one can recall the sequence of events then there is enough of scope to suspect the role of government machinery. No case was filed against Raju for almost 72 hours; no attempt was made to find out his whereabouts, AP CM sympathizing with Satyam, no property is of the any of the promoters is sealed and so on so forth.  

If we look at what happened in the past in similar cases, then there is very little hope about the positive and constructive outcome in this case as well. I do not think our regulators have learnt a lesson from earlier experience. It is not enough to have regulations and laws in place to see to it that is followed is very important rather more important responsibility of the regulators. That is defiantly lacking. All the talks of Corporate Governance, transparency, accountability sound vague. There is a need of corporate governance practices to be followed by regulatory bodies and government organizations. In that case we do not have to repent and they do post mortem of the situation.

As a common man I can only request and hope that government will not use tax payer’s money to bail out bunch of greedy.