Management professor investigates finds more Satyams in India

The battered outsourcing firm Satyam might have been caught red handed, or rather confessed itself about the financial irregularities, but many more have balancesheets that don't show where the money went. In a recent analysis, Sanjay Bakshi, a New Delhi-based management professor has found many more Indian firms with inexplicable financials. The recent issue of Outlook Profit magazine carries investigation into balancesheets of firms like Aftek, GTL Infra, HTMT etc.

Outlook Profit writes
Satyam may not be the only company that has siphoned off cash from its
balance sheet. Some cases where the numbers look suspicious