Raju admits to accounting fraud, resigns
Satyam founder and chairman resigns after admitting to significant and sustained accounting irregularities
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It is hard to guess how many companies like Satyam are still out there. Fudging accounts is a widely prevalent practise across the world, but could be more brazen in promoter controlled companies, most such companies have taken a beating in yesterday's rally in the stock market. But, soon satyam story will be forgotten and it will be business as usual. Till recently India's regulatory environment was credited for minimizing the fallout of the global financial crisis. Now suddenly fingers are raised about it. As always, most economic theorizing happens in retrospect.
Sharath