Satyam was managed as a fiefdom of the Raju family. How else could a company use hundreds of crores of its (and its stockholders’) cash, and stock, to bail out failing companies of relatives? How else could it do so without even a verifiable audit and valuation of the Maytas companies? How else could a computer services firm wander into dangerous real estate business without any meaningful study of the potential or indeed the risks?
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