Deluge of surprises or a surprise of deluge?

CNBC TV 18,I am just suckor for it. As an investor I was astounded on watching today's breaking news. My interest on this channel has skyrocketed since I became a part of Indian share market (almost 4 months back).Satyam story is still inconceivable to me.I can't fathom out how India's 4th largest IT company with 55000 workforce can have an operated margin of just 3percent.It is beyond my imagination how a company can modify its balancesheet to such an extent putting SEBI and Audit firms into oblivion.
What comes as more surprise to me is Ramalinga Raju's confession about this scandal .Normally,CEO's and chairman hide that until there is final outburst This person made an every last attempt to rescue its company from falling into a ditch.Attempt to buy MAYTAS a month ago proved abortive.It actually eroded the interest of share holders leading to collapse of a share value from almost 230 to 150. Then today's confession resulting an absolute mayhem,derating to 40rs.Speculations are up that it may reach to natural zero.

Market was showing some postive signs for some days.Sensex Today sheded 750 points on the pretext of this news .Todays incident actually have posed questions in spate.

why regard SEBI as a watch dog if it doesnt have an iota of information of a ground situation of a company?
what will happen to 55000 workforce of an already battered IT industry ?
Is there a same situation with Top Indian IT leaders too?
share holder's faith,who is gonna pay ??
Surely this story will cast its shadow on FII' S inclination towards indian market more importantly on auditing firm's credibility.I think this one is biggest after Harshad Mehta's one.

It is time to pause and reflect.