Fessing Up in India
Basically, Ramalinga Ramu fessed up to cooking Satyam's books (by falsifying sales, profits, and assets) to the tune of about $1 billion. See this Bloomberg report and this InformationWeek analysis for more details.
Why do we care?
Well, apart from the natural human interest in such a massive financial scandal, Satyam is (or, rather, was believed to be) one of India's top four IT services firms, along with the likes of Infosys Technologies Ltd. (Nasdaq: INFY), Tata Consultancy Services Ltd. , and Wipro Ltd. (NYSE: WIT). (See Indian Outsourcers Proceed With Caution.)
Such companies have become increasingly important to the global telecom industry because of the wide range of outsourced support and development services they offer. Check out our report, Who Does What: Outsourcing to India, to find out more.
— Ray Le Maistre, International News Editor, Light Reading