It is the shareholders' money who invest in the Public Ltd. companies. Business Class airfare is 3 times the Economy Class airfare. So when the management use economy class travel for personal travel, then why should they not use Economy Class Travel for Official purpose? They should treat the expenditures of Public Ltd. company as own. If economy class to US costs Rs 50,000 then Rs 1.5 lakhs for business class. And Rs 2 lakhs for first class. All the listed companies in stock exchange must make it mandatory for their management to fly only by Economy class cos it is shareholders’ money. It is said that Azim Premji flies by Economy Class.
The Money as said by the Chairman, BR Raju, vanished in Escalating Costs, which became unManagable in course of time.
Means, The 8000 Crores of Losses are DISTRIBUTED among the Public thru the Software Engineers(Ofcourse, Most of Whom are Gulbarga, Davangere, Donation College and NRIQuota Engineers with FAKE Certificates.)
Check This Out moneycontrol.com/stocks/marketinfo/emc/bse/homebody.php?indcode=0&sortcode=0
Company Vs EmployeeCost/Sales Satyam - 61.01% (Rs.4965 Cr.) Polaris - 75.05% MindTree - 58.7% Mastek - 60.98%
InfoSys - 49.66% Patni Comp - 47.79%
CLEARLY, This is a HR Fraud. Had the Company Trimmed Workforce and Recruited Efficient People at Effectively Better Salaries, They could have easily Saved 25% of their Staff Costs ie Rs.1000 Cr. per Year.
Lessons to Learn for All Companies: 1. Don't Recruit Fakesters and Talentless Fellows with Inferior Technical Skills and Superior Faking Skills.
2. Networking Skills of Employees is a Superior Selfish Skill, Which Kills the Organisation.
3. Don't Recruit Incompetent Females just for making the WorkSpace Sexy.
4. Don't Accept the HR's Advice that Increasing Salaries will Attract Talent.
5. Regularly Inspect HR Managers and Fire those Helping Fakesters.
Raju! Yadha Karma Thadha Phalam.
You Encouraged Fake Resumes, And So You Faked your Balance Sheet.
But, Ultimately, Only Talent Wins.
Becoz, Talent is verily the ParamAtma (from the Bhagavad Gita).
Average Salaries at SATYAM were Rs. 9,36,800 pa . (Rs.4964.84Crores/53000) i.e., Rs.78000 per month. Had it been half or Rs.40000, would they have been uncomfortable in life ?
The Shameless Salary wars (instead of Price wars) snowballed into this kind of a Fraud.
Labour Costs in Agriculture over the Last 3/4 years rose to 3 times. But that was primarily driven by the Orchestrated Construction Boom Where too the Labour Costs have risen 3 times.
The Extraordinary amount of Money thus Circulated in the Poorest Strata of the Country has actually Devalued the Rupee to 1/3rd.
India's Growth Story of 8% GDP growth is actually a Collapse of Indian Economy to 36% (108/3). Or a DeGrowth of 64%.
Do we Need this ???
All Software companies, apart from other Sectors Must DECLARE a Cut In Salaries.
Else All the Investors money will vanish in the StockMarkets.
Latest News: Satyam has 25000 of Excess/Useless Employees. The situation could be similar with all other Big IT Companies.
1. All stock exchange listed companies in India must comply with RTI Act (Right To Information Act). In Bangladesh all listed companies comply with their RTI Act.
2. Because these companies OWN and OPERATE on public aka shareholders money which is 10 times the company quarterly revenue.
3. And to prevent Wage Slavery companies in services industry must give STOCK OPTIONS to all its employees.
4. 7000 crores -> Ramalinga Raju -> HAWALA -> MAYTAS METRO RAIL PROJECT -> BRIBES (to clients, bank managers, politicians, auditors) -> Dr. YSR -> SONIA GANDHI -> Congress Party Funds.
lets face it. We know its India. Now one set of fudging will be endorsed by another motley crew. So corporates will have to enlarge their scams to pay these guyss off too.
What action Goverment is planning to take against the PCW? In my opinion, they are either more or equally responsible for all the mess created by Satyam account. PCW has been auditing and certifying the accounts as confessed by Raju was fudged. So the serious question is what the auditors were doing? what made them to certify the balance sheets? Are they were certifying the account under the burden of material benefits or could not detect the fraud because of incapability? Both secnarios are extremly dangerous. Goverment must take stern action against the PWC.
SEBI should identify those employees of sathyam who have sold all their Shares aoolted to them onder ESOPS to identify those who were aware of the fraud which was brewing in the Company for years. This will give a clear idea as to who were involved in the scam.
Re: Investigate Employees of sathyam
by sharp head on Jan 10, 2009 01:44 PM
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
just equally auditors are responsible and should be taken to task. to start with their license with immediat effect. auditors should be barred from practice for rest of their life.
