Satyam cloud on World Telugu meet

[saiiii]

VIJAYAWADA: The shocking developments in Satyam — considered as an icon of Andhra Pradesh across the globe — have clearly dampened the spirits at

the World Telugu Conference (WTF) to be held here from Friday.

The impact is so shattering that many top Telugu industrialists who promised to attend the meet are believed to have cancelled their trip to Vijayawada. Expressing dismay at the Satyam fiasco, chairperson of WTF Velagapudi Indira Dutt, herself an industrialist, said it was an inexcusable fraud committed by Ramalinga Raju and his company. "It is unpardonable," she said.

The episode would surely spoil the Telugu image across the globe, she said, stressing that Satyam is not only an Andhra company but was regarded as a top Indian firm. "It is unfortunate that this unsavoury development took place in an Indian firm headed by a Telugu man," she rued.

According to information, about 50 top business people have made their commitment to attend the business meet to be held on the second day of the conference. But, speculation is rife that many of them would skip the meet. Curiously, managing director of Margadarsi Chitfund Limited Sailaja Kiran is the only business person who has been named on the guest list.

Reacting on the Satyam scam, president of Telugu Association of North America (Tana) Komati Jayaram said it was a great setback to Telugu business community across the world. Though several industries have collapsed in developed countries, Satyam has been treated as a top ranking and professionally managed company, he explained.

"They have run the company like a family affair and ruined the interests of Indian community and investors at large," he observed. He said the companies would think twice before awarding works to Indian firms in the wake of the Satyam fiasco.

An avid watcher of Telugu conferences not wanting to be named said the Satyam episode came at a time when the biennial world conference is being held to spread Telugu as a `language of pride.' "The concept is strongly supported by the Telugu business community across the globe with help from several NRIs, but the Telugu pride has been dented by Raju's confessions," he observed.

Leading industrialist Mallineni Rajaiah of Vijayawada Taj Hotel said it would be preposterous to blame a single person for Satyam's downfall. "There are several others who were associated with the company and its affairs and it's not wise to blame Ramalinga Raju alone for the muddle," he opined. He said tampering of balance sheets would not have been possible without the `active' support of the auditors and directors.

source- timesofindia

[Dot]

sFun_duh sFun_duh sFun_duh sFun_duh