Satyam Scandal: Lessons Entrepreneurs Can Learn
Bangalore: In this modern era, where entrepreneurship is being promoted as the best form of employment, the business environment is much liberalized and the tax environment is much gentler. But even such flexible conditions haven’t kept new-generation founders to behave like old-generation businessmen sometimes. There are quite a few big companies which were among the most valuable companies in India, but they collapsed because of their founders’ financial misconducts, unethical behaviour and poor control.
The biggest example can be seen in the Satyam’s Corporate Scandal which not only affected the company but India’s currency also. It occurred in 2009 where the company’s chairman Ramalinga Raju confessed that the company's accounts had been falsified. Ramalinga Raju was arrested after his admission. He got charged with several offences, including criminal conspiracy, breach of trust, and forgery.
Here are a few major lessons which entrepreneurs with a dream to build a big organization should learn from the biggest scandal ever in Indian Corporate World:
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