The Air India effect

On January 7, 2009, Ramalinga Raju of Satyam Computers confessed in a letter to the Bombay Stock Exchange that he had been overstating (that is, fudging) his company’s profits for six years. Four days later, the government appointed a caretaker board to find a buyer. Four months later, the company was owned by Tech Mahindra, the highest bidder, and the Satyam crisis was over.

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