More than Satyam management, what shocked me was that Price Waterhouse Coopers were their auditors who are also party to this shocking affair. I keep the auditors of any company as a very important yardstick in determining the quality of the team who is running the business. Some corporates who share my shock are some PWC clients like Colgate, Cummins, Maruti, Glaxo-SmithKline, Marico, etc. I hope there will be some reactions from these corporates to their auditors with regard to their Satyam affair.

As far as we retail investors are concerned is that we should renew our resolve to stick to companies with a good track record. Also be “wary” of sudden spurt in profitability and changes in accounting policies, etc. The annual report is our best friend.

Though Satyam's senior leadership say it is committed to the company, headhunters say they are determined to make offers that would be hard to refuse. Rival IT firms have begun using head hunters to track and approach senior Satyam executives. But what about those 50000 employees which form the mid and lower segment of the management? This could well be a grueling time for them with uncertainty in the career front. Spending will see a big check once again from the IT employees.

As of me, I will just wait and watch. Thank god I do not hold Satyam, although I came periliously close to buying Satyam shares in the past. But mutual funds I hold do have a good chunk of Satyam shares. Another episode which makes further strengthens my idea of handling my portfolio by myself and not give my money to money managers.