From SWITCH to WHICH

How many of us knew that SATYAM was honored for their corporate Governance :-
1)UK Trade & Investment India (UKTI) Business Award for corporate social responsibility awarded by UKTI

2)Golden Peacock Global Award for Excellence in Corporate Governance awarded by World Council for Corporate Governance (WCFCG)

But as houses made of cards we have a 2.1 Bn $ company heading for 77% drop in the Market value. Though you must have already been bombarded with various facets of the news these days; here are a few questions that in my view remain unanswered especially considering the time-frames of the events...(Click on the pic for a better view)


A few pointers :-
Dec 15 : The prices fall due to large FIIs taking away their investments and then the SATYAM MAYTAS deal is released to newspapers. (Though logically, since Ramalinga Raju had only 5.3% share-holding and Institutional investors accounted for 61%; how could they go ahead with the deal without majority?)
Dec 22 : Satyam announces Buy-Back deal and thanks to the recommendations floating across various web-sites many ill-informed investors got the prices up.
Dec 23: World Bank bans satyam.
Dec 30 : 3 Independent directors resign (This is where things really go murky, since I haven't heard of any directors quitting due to wrong decisions.. my belief is that these directors got access to the insider information of incorrect valuations.. which would further doom Satyam later)
Jan 7th : Ramalinga Raju resigns and announces of the 5000 Cr deficit. (Suddenly Merrill lynch washes their hands and PWC is caught with their standard "No comments" remark)

Here arrives India's ENRON
But a few questions that shall go unanswered :-
1) Role of the Auditors (would we also expect a Arthur Anderson kinda backlash)
2) Hierarchical Flow of information (First the FIIs who pulled out in Dec 12, then the Directors resigning and then the world bank and only later on jan 7th almost a month later does the retail investor (Aam-Admi) who would have untill then lost his savings comes to realize his folly.
3) How would the valuations be for the take-over ?? Since after the fraud not only the investors, employees but also customers would run helter-skelter.

Well... as of now i shall let the questions plague my night and hopefully SEBI might use this as an oppurtunity to introduce any semblence of Sarbanes Oaxley into our indian system.