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THE TRIBUNE SPECIALS
50 YEARS OF INDEPENDENCE

TERCENTENARY CELEBRATIONS
L E T T E R S    T O    T H E    E D I T O R

Satyam has hurt India’s image

The editorial “Asatyam” (Jan 9) was interesting and thought provoking. The biggest corporate fraud by Mr B.Ramalinga Raju has sunk the fourth largest software company completely and his shocking revelations have consequently led to a free fall of its share price.

Mr Raju and his family’s greed for money has dealt a blow to the limping Indian economy.

It is shocking that Mr Raju had all along been inflating revenues and profits thus boosting its cash and bank balances, showing income from interest, which never existed.

His lies and fraud bring to mind yet another conman Harshad Mehta. Raju, supposed to be a gentleman, has become a bad man and his obsession for land has pushed him on the road to disaster.




All the money he made from his hi-tech company, it seems was diverted into real estate.  This scandal will seriously hurt India’s image as the outsourcing hub of the world and hurt foreign investment flows into India.

Now, it is for the government to take corrective measures  and restore the confidence  of the people in the market.

SUMAN KUKAL, Chandigarh

II

Mr B. Ramalinga Raju has said that neither he nor his family has taken a single rupee out of the multi-thousand crore-rupee fraud. But how do we know Raju is not lying again?

Though, Mr Raju has taken responsibility of the fraud yet people find it difficult to believe that it was a one-man con job.

I think, the board members, auditors and the other responsible persons were involved and action should be taken against them.Mr Raju too should be immediately arrested.

Actually, it’s India’s weak company laws that lead to such frauds. Often, with the help of auditors, the balance sheets are fudged, especially when seeking loans or at the time of floating a public issue.

It is high time we examined loopholes in auditing and rectified the same with stringent laws. Let the unveiling of the big corporate fraud be the beginning of new and effective corporate scrutiny standards.

BIDYUT KUMAR CHATTERJEE, Faridabad

III

In the Satyam corporate fraud, many investors have lost their hard-earned money and nearly 50,000 employees are facing the risk of unemployment. Plus it has created a huge trust deficit in public companies.

Satyam has been cooking up the figures for several years. It is strange that the auditors remained quiet. The various regulatory wings of the government, too, failed to check the fraud.

There should be quick investigation into the murky dealings and results should be made public. Apart, from those involved in the company, the auditors and the regulatory wings of the government must be given exemplary punishment to avoid recurrence of such frauds in future.

A R K PILLAI, Mumbai

Use libraries

Libraries are a symbol of literate society. The basic purpose of the libraries is to inculcate reading habits. But, it is very sad to note that less then 0.5 per cent of the literate community is using the library services.

The government is spending huge amounts of money on libraries for the benefit of the readers. Libraries are the first gateway to formal as well as informal education. It is the duty of every learned person to use the library. Even in schools, students seldom visit libraries. We all must realise that “If you read you will lead”.

The students must be motivated to use libraries at school level, so that they can widen their knowledge.

RAVI KANT PAHUJA, Panchkula




Limits of organic farming

We have a large population and most of our people do not have the capacity to purchase costly bio-food. Thus, there is nothing wrong in suggesting that organic farming be carried out only under contract. The farmers should produce bio-food, if the consumer is prepared to pay more. If the supply exceeds demand, the farmers will not get premium price. Moreover, farmers are only being advised and not forced. If a farmer is prepared to take a risk, nobody is going to stop him.

In fact, there is a need for massive technology development and dissemination. Punjab is an agrarian state and needs to treat agricultural research institutions and development agencies differently than other institutions and agencies. Mass campaigns should be organised to disseminate the available technologies on integrated nutrient and pest management.

Punjab has different problems, challenges and priorities as compared to other parts of the country. For example, rain-fed farming is one of the top priorities at the national level, but Punjab has hardly 5 per cent rain-fed area.

DR BALDEV SINGH DHILLON,
Former Director of Research, PAU Ludhiana

 





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