Let SATYAM case be an eye opener....(I don't want to use word 'LEASON LEARNT' which is used by IT company but they never stand by it)
The govt should appoint a panel of HONEST auditors to investigate (and not just audit, which more of scanning of account statement provided by the company themself and hence can be forged) the account of Large IT firms (who shares are traded publicly). This is due to the reason the funtioning of all the IT services companies are similar in India and all the big companies have been showing growth of more than 20 to 30% in financial/ manpower terms year after year.
Such an investigation would help the public and FII to identify, which is right company.More importantly most of Large IT company have not only raised fund is India, it also has raised funds abroad and listed in NASDAQ. Hence a clean chit against each of the company will help to restore confidence with the internation community.
Funny part is that, all these IT companies does Background verification checks(include police check as well) for their newly joining employee. Similarly let, these companies financial background be verified instead of just auditing.
NASSCOM, Govt can you please act, instead of leaving the poor employees at lurch about their future, all of a sudden as in Satyam case???!!???
Re: Re: Govt should investigate account of Large IT firms
by Prem Mohan on Jan 10, 2009 09:06 AM
Meybe he is referring to Nick Leason, the rogue trader who brought down Barings Bank. That should have been a 'leason learnt'.
Re: Re: Govt should investigate account of Large IT firms
by indian on Jan 10, 2009 09:18 AM
Ok.. that's a typo error. Better, look at the message being conveyed.
All it takes is few good men who are still left at Satyam and take over the projects, maybe need to get rid of some people, but keep the rest, change the name of the company and grow the company back up.It is going to be a tough job for the new board and they will need outside help from INFY, WIPRO, etc for this.Govt should also show true leadership. Best Chance for Congress ruled Govt to show their capability (if they have any) to the people.
Re: Time to display true leadership !
by ramakant on Jan 10, 2009 08:57 AM
wipro and infy are competitors. They would be most happy if satyam closed down immediately.
Re: Time to display true leadership !
by Prem Mohan on Jan 10, 2009 09:08 AM
I agree with desifriend. The Government should find it very easy to revive Satyam. They can hand over the management to some competent technically oriented PSU such as HAL or BEL. Once the experiment is successful, which I am sure it will be, companies such as TCS, Wipro and Infosys can also be managed by PSUs in the national interest rather than in the interest of a few super-rich persons. The jobs of all IT employees will become secure.
All 53000 staff of satyam can work collectively in this difficult hour & they can bring up again.No doubt about that..Let this issue handled by govt and satyam.
For new projects Satyam may need to change it's name and needs to continue it's operations.
Govt should make Regulatory authority and Independant auditing strong..remove the loop holes..that is govt duty..
At this difficult hour do not spoil satyam image more by rumors..
How many of you were around when Satyam Infoway (owners of satyamonline.com before it became sify.com) bought indiaworld.com and cricinfo.com for Rs.1600 crores (Rs.16000 million, $ 385 million)? R Ramaraj, the CEO of Satyam Infoway announced cash crunch immediately after that, cost cutting was planned in a big way and cost cutting ideas were rewarded, employees laid off, businesses were shut etc. What the Satyam group did in the bargain is that they played with the careers of some very bright professionals who left jobs in organizations such as Hindustan Lever, Pepsi, Coke and other MNCs besides some very good Indian companies. I was doing very well in my business unit in Satyam Infoway but I was told that they were no longer interested in my line of business the way they initially were. I am sure my other colleagues in Satyam Infoway will tell us a similar tale.
To believe that Raju is alone in all this is foolishness. The management of Satyam Infoway was also probably hand in glove; so must have been all the politicians. It is a poor organization with no professional ethics.
If there are other organizations like this, people should bring them to light.
How many of you were around when Satyam Infoway (owners of satyamonline.com before it became sify.com) bought indiaworld.com and cricinfo.com for Rs.1600 crores (Rs.16000 million, $ 385 million)? R Ramaraj, the CEO of Satyam Infoway announced cash crunch immediately after that, cost cutting was planned in a big way and cost cutting ideas were rewarded, employees laid off, businesses were shut etc. What the Satyam group did in the bargain is that they played with the careers of some very bright professionals who left jobs in organizations such as Hindustan Lever, Pepsi, Coke and other MNCs besides some very good Indian companies. I was doing very well in my business unit in Satyam Infoway but I was told that they were no longer interested in my line of business the way they initially were. I am sure my other colleagues in Satyam Infoway will tell us a similar tale.
To believe that Raju is alone in all this is foolishness. The management of Satyam Infoway was also probably hand in glove; so must have been all the politicians. It is a poor organization with no professional ethics.
If there are other organizations like this, people should bring them to light.
Lord Krishna says that we need to judge people by the best of their work. While it may not apply to all, Raju may prove out to be an exception. Starting from nowhere to creating a global enterprise.
A little corruption. So what. Are politicians and their police less corrupt. Leave alone arresting, nobody challanges the real corrupt. Think about it before spreading panic and frustration.
Re: Why judge him by his worst and not his best?
by johnson francis on Jan 10, 2009 08:55 AM
Little corruption ? Oops 7000 Crore is very little I didn't know. When I baught satyam share it was in its 300s. And now it is Rs.11 So money of around 30 crore share holders is just a little corruption ????
Re: Re: Why judge him by his worst and not his best?
by sharp head on Jan 10, 2009 09:11 AM
politicians should help him by sharp head on Jan 10, 2009 09:09 AM Permalink | Hide replies
Lallu fodder scam 20 000 crores. abdul karim stamps case 300 000 crores. karunanidhi welfare schemes case 10000 crores. pune bookie 30000 crores case. like wise few hundred cases ,no action by govt and no one is convicted.
Ramalinga raju did this fraud to maintain stock market,continuty of the business and pay salaries of satyam staff. to keep expectation of the people he has manipulated the figures.
he has lost every thing in this deal.
govt should bail out him. he has taken name of india in the world IT market. govt should help him
This is simply a media hype. True that Raju has shown exaggerated numbers in the ledgers and he has admitted it as well. But that doesnt mean Satyam has no money to pay its staff. If some one performs well, he/she is placed at the roof top by the media. But if some one flops, he is murdered without being killed.
Re: Media hype !
by Deepak on Jan 10, 2009 02:18 AM
Agreed that rediff does try to sensationalize every news and even puts fake news.
But for this one, Satyam having no money to pay salaries was given by its makeshift CEO, so thats a fact. Unless Satyam's bankers will provide the liquidity, there will be trouble.
Re: Re: Media hype !
by Sunny on Jan 10, 2009 03:38 AM
Then Why rediff dont blame Tata/Murthy/premji etc...why you are defending a fraud satyam?????
they will pay you for few months, more frauds...and you wre a fraud, working in such firm..all employee from sataym should spit and leave satyam...and do other jobb/ etc......
