February 21, 2009
Sub: Appeal to join Midas campaign for compensation to cheated Satyam Shareholders
Shareholders-small & big- of Satyam Computer Services Limited have suffered huge losses due to the massive accounting scam admitted by its erstwhile Managing Director B. Ramalinga Raju. This is a matter of deep concern to us, as the sordid saga shakes the confidence in the entire system. Moreover, Satyam has a large investor base consisting of Institutional Investors (Mutual Funds, FIIs etc.) & 3 lakh individual retail investors. Collectively, this fraud has resulted in destruction of Rs. 12,000 crore
wealth. Natural justice demands that the duped shareholders should be
entitled to claim and receive compensation for the losses suffered by them
due to such fraud. Unfortunately, our Securities laws do not contain such
provisions. Resultantly, it is the investors, particularly the small
investors, who end up suffering huge losses in all the scams.
In order to highlight this issue, we intend to launch a campaign for demanding compensation to the cheated investors of Satyam to be paid by all those who perpetuated, aided & abetted in the fraud. With this
objective, we intend to draw attention of Parliamentary Committees and the
Government, amongst others, and request for their intervention on this
specific issue, and, reforms in the overall framework. To lend greater
thrust to our campaign, we implore you to join in it. For your active
participation, you are requested to fill up the grievance form. No
registration & fee is required.
We shall keep you informed of the important developments- in the matter- through postings on www.mtia.in and/or press releases.
We earnestly look forward to your active participation in joining the campaign.
Investors Rights Activist & Founder
Midas Touch Investor Association