പത്തു വർഷങ്ങൾക്കു ശേഷം വീണ്ടും. പകുതിയിൽ നിർത്തേണ്ടിവരുമോ?
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അസ്തമയ സൂര്യന്
അസ്തമയ സൂര്യന്,
(സായന്തന കാഴ്ചകളുടെ മാധുര്യമാസ്വദിക്കുന്ന ഒരു നിമിഷം)
സ്ഥലം : പാലക്കാട് കോട്ട
Thursday, 12 February 2009
Thursday, 8 January 2009
"സത്യം "
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Satyam: B Ramalinga Raju's resignation letter
"It is with deep regret and tremendous burden that I am carrying on my conscience, that I would like to bring the following facts to your notice: 1. The Balance Sheet carries as of September 3O, 2OO8 , a) Inflated (non-existent) cash and bank balances of Rs 5,O4O crore (as against Rs 5,361 crore reflected i n the books); b) An accrued interest of Rs 376 crore, which is non-existent c) An understated liability of Rs 1,23O crore on account of funds arranged by me; d) An overstated debtors! position of Rs 49O crore (as against Rs 2,651 reflected in the books);
2. For the September quarter(Q2) we reported a revenue of Rs 2,7OO crore and an operating margin of Rs 649 crore(24 per cent of revenue) as against the actual revenues of Rs 2,112 crore and an actual operating margin of Rs 61 crore (3 per cent of revenues). This has resulted in artificial cash and bank balances going u p by Rs 588 crore in Q2 alone.
The gap in the balance sheet has arisen purely on accou nt of inflated profits over several years (limited only to Satyam standalone, books of subsidiaries reflecting true performance).
What started as a marginal gap between actual operating profit and the one reflected in the books of accounts continued to grow over the years. It has attained unmanageable proportions as the size of the company operations grew significantly (annualised revenue run rate of Rs 11,276 crore in the Septem ber quarter, 2OO8, and official reserves of Rs 8,392 crore).
The differential in the real profits and the one reflected in the books was further accentuated by the fact that the company had to carry additional resources and assets to justify a higher level of operations thereby significantly increasing the costs.
Every attempt made to eliminate the gap failed. As the promoters held a small percentage of equity, the concern was that poor performance would result in the takeover, thereby exposing the gap. It was like riding a tiger, not knowing how to get off without being eaten.
The aborted Maytas acquisition deal was the last attempt to fill the fictitious assets with real ones. Maytas! investors were convinced that this is a good divestment opportunity and a strategic fit.
One Satyam!s problem was solved, it was hoped that M aytas! payments can be delayed. But that was not to be. What followed in the last several days is common knowledge.
I would like the board to know:
1. That neither myself, nor the Managing Director (including our spouses) sold any shares in the last eight years - excepting for a small proportion declared and sold for philanthropic purposes.
2. That in the last two years a net amount of Rs 1,23O crore was arranged to Satyam (not reflected in the books of Satyam) to keep the operations going by resorting to pledging all the promoter shares and raising funds from known sources by giving all kinds of assurances (statement enclosed only to the members of the board). Significant dividend payments, acquisitions, capital expenditure to provide for growth did not help matters. Every attempt was made to keep the wheel moving and to ensure prompt payment of salaries to the associates. The last straw was the selling of most of the pledged shares by the lenders on account of margin triggers. 3. That neither me nor the managing director took even one rupeeIdollar from the company and have not benefited in financial terms on account of the inflated results. 4. None of the board members, past or present, had any knowledge of the situation in which the company is placed. Even business leaders and senior executives in the company, such as, Ram Mynampati, Subu D, T R Anand, Keshab Panda, Virender Agarwal, A S Murthy, Hari T, S V Krishnan, Vijay Prasad, Manish Mehta, Murli V, Shriram Papani, Kiran Kavale, Joe Lagioia, Ravindra Penumetsa, Jayaraman and Prabhakar Gupta are unaware of the real situation as against the books of accounts. None of my or managing directors! immediate or extended family members has any idea about these issues.
Having put these facts before you, I leave it to the wisdom of the board to take the matters forward. However, I am also taking the liberty to recommend the following steps:
1. A task force has been formed in the last few days to address the situation arising out of the failed Maytas acquisition attempt.
This consists of some of the most accomplished leaders of Satyam: Subu D, T.R. Anand, Keshab Panda and Virendra Agarwal, representing business functions, and A S Murthy, Hari T and Murali V representing support functions.
I suggest that Ram Mynampati be made the chairman of this Task Force to immediately address some of the operational matters on hand. Ram can also act as an interim chief executive reporting to the board.
2. Merrill Lynch can be entrusted with the task of quickly exploring some merger opportunities.
3. You may have a !restatement of accounts! prepared by the auditors in light of the facts that I have placed before you.
I have promoted and have been associated with Satyam for well over 2O years now. I have seen it grow from few people to 53,OOO people, with 185 Fortune 5OO companies as customers and operations in 66 countries.
Satyam has established an excellent leadership and com petency base at all levels.
I sincerely apologise to all Satyamites and stakeholders, who have made Satyam a special organisation, for the current situation. I am confident they will stand by the company in this hour of crisis.
In light of the above, I fervently appeal to the board to hold together to take some important steps. TR Prasad is well placed to mobilise a support from the government at this crucial time.
With the hope that members of the Task Force and the financial advisor, Merrill Lynch (now Bank of America), will stand by the company at this crucial hour, I am marking copies of the statement to them as well.
Under the circumstances, I am tendering the resignation as the chairman of Satyam and shall continue in this position only till such time the current board is expanded. My continuance is just to ensure enhancement of the board over the next several days or as early as possible.
I am now prepared to subject myself to the laws of the land and face the consequences thereof."
B' RamalInga Raju
Wednesday, 7 January 2009
Monday, 5 January 2009
Sunday, 4 January 2009
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Thursday, 1 January 2009
Monday, 22 December 2008
Swami Vivekananda - Addresses at the World Parliament of Religions, Chicago
Speech at Chicago - Welcome Address
RESPONSE TO WELCOME
11th September, 1893
Sisters and Brothers of America,
It fills my heart with joy unspeakable to rise in response to the warm and cordial welcome which you have given us. I thank you in the name of the most ancient order of monks in the world; I thank you in the name of the mother of religions; I thank you in the name of millions and millions of Hindu people of all classes and sects.
My thanks, also, to some of the speakers on this platform who, referring to the delegates from Orient, have told you that these men from far-off nations may well claim the honor of bearing to different lands the idea of toleration. I am proud to belong to a religion which has taught the world both tolerance and universal acceptance. We believe not only in universal toleration, but we accept all religions as true. I am proud to belong to a nation which has sheltered the persecuted and the refugees of all religions and nations of the earth. I am proud to tell you that we have gathered in our bosom the purest remnant of the Israelites, who came to Southern India and took refuge with us in the very year in which their holy temple was shattered to pieces by Roman tyranny. I am proud to belong to the religion which has sheltered and is still fostering the remnant of the grand Zoroastrian nation. I will quote to you, brethren, a few lines from a hymn which I remember to have repeated from my earliest boyhood, which is every day repeated by millions of human beings: "As the different streams having their sources in different places all mingle their water in the sea, sources in different tendencies, various though they appear, crooked or straight, all lead to Thee."
The present convention, which is one of the most august assemblies ever held, is in itself a vindication, a declaration to the world of wonderful doctrine preached in the Gita: "Whosoever comes to Me, through whatsoever form, I reach him; all men are struggling through paths which in the end lead to me." Sectarianism, bigotry, and its horrible descendant, fanaticism, have long possessed this beautiful earth. They have filled the earth with violence, drenched it often and often with human blood, destroyed civilization and sent whole nations to despair. Had it not been for these horrible demons, human society would be far more advanced than it is now. But their time is come; and I fervently hope that the bell that tolled this morning in honor of this convention may be the death-knell of all fanaticism, of all persecutions with the sword or with the pen, and of all uncharitable feelings between persons wending their way to the same goal.
WHY WE DISAGREE
15th September, 1893
I will tell you a little story. You have heard the eloquent speaker who has just finished say, "Let us cease from abusing each other", and he was very sorry that there should be always so much variance.
But I think I should tell you a story which would illustrate the cause of this variance. A frog lived in a well. It had lived there for a long time. It was born there and brought up there, and yet was a little, small frog. Of course the evolutionists were not there then to tell us whether the frog lost its eyes or not, but, for our story's sake, we must take it for granted that it had its eyes, and that it every day cleansed the water of all the worms and bacilli that lived in it eith an energy that would do credit to our modern bacteriologists. In this way it went on and became a little sleek and fat. Well, one day another frog that lived in the sea came and fell into the well. "Where are you from?" "I am from the sea." "The sea! How big is that? Is it as big as my well?" and he took a leap from one side of the well to the other. "My friend", said the frog of the sea, "how do you compare the sea with your little well?" Then the frog took another leap and asked, "Is your sea so big?" "What nonsense you speak, to compare the sea with your well" "Well, then," said the frog of the well, "nothing can be bigger than my well; there can be nothing bigger than this; this fellow is a liar, so turn him out."
That has been the difficulty all the while.
I am a Hindu. I am sitting in my own little well and thinking that the whole world is my little well. The Christian sits in his little well and thinks the whole world is his well. The Mohammedan sits in his little well and thinks that is the whole world. I have to thank you of America for the great attempt you are making to break down the barriers of this little world of ours, and hope that, in future, the Lord will help you to accomplish your purpose.
ADDRESS AT THE FINAL SESSION
27th September, 1893
The World's Parliament of Religions has become an accomplished fact, and the merciful Father has helped those who labored to bring it into existence, and crowned with success their most unselfish labour.
My thanks to those noble souls whose large hearts and love of truth first dreamed this unfearful dream and then realised it. My thanks to the shower of liberal sentiments that has overflowed this platform. My thanks to this enlightened audience for their uniform kindness to me and for their appreciation of every thought that tends to smooth the friction of religions. A few jarring notes were heard from time to time in this harmony. My special thanks to them, for they have, by their striking contrast, made general harmony the sweeter.
Much has been said of the common ground of religious unity. I am not going just now to venture my own theory. But if anyone here hopes that this unity will come by the triumph of anyone of the religions and the destruction of others, to him I say, "Brother, yours is an impossible hope." Do I wish that the Christian would become Hindu? God forbid. Do I wish that the Hindu or Buddhist would become Christian? God forbid.
The seed is put in the ground, and earth and air and water are placed around it. Does the seed become the earth, or the air, or the water? No. It becomes a plant, it develops after the law of its own growth, assimilates the air, the earth, and the water, converts them into plant substance, and grows into a plant.
Similar is the case with religion. The Christian is not to become a Hindu or a Buddhist, not a Hindu or a Buddhist to become a Christian. But each must assimilate the spirit of the others and yet preserve his individuality and grow according to his own law of growth.
If the Parliament of Religions has shown anything to the world it is this: It has proved to the world that holiness, purity and charity are not the exclusive possessions of any church in the world, and that every system has produced men and women of the most exalted character. In the face of this evidence, if anybody dreams of the exclusive survival of his own religion and the destruction of the others, I pity him from the bottom of my heart, and point out to him that upon the banner of every religion will soon be written, in spite of resistance: "Help and not Fight", "Assimilation and not Destruction," "Harmony and Peace and not Dissension."te of The Day …
Mankind ought to be taught that religions are but the varied expressions of THE RELIGION, which is Oneness, so that each may choose the path that suits him best.
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