The company had approached banks with a CDR request for about Rs 1,700 crore. However, according to company sources, the banks felt that Maytas must shed the flab, which includes dilution of stake in the Bangalore elevated tollway to raise funds before the CDR is granted. It has also been reportedly told that it should disengage from various projects which it cannot take forward.
There are jobs for MBA graduates, particularly in sales, FMCG, telecom and consulting areas. The jobs, according to industry experts, are unfolding in new areas and domains in Tier-II and-III cities and in rural areas. Treating the first job as an extension of the college would be the best approach with the job situation in today's market. Good academics, soft skills, computer skills and learning on the job would be the primary requirements for candidates to find a job.
"The results, new client wins and business orders show good signs of our jobs being intact. With the media reports indicating that the company's annualised revenue run-rate would be much higher than expected, we are now confident that Satyam and its new owner will keep the people on the bench busy with new client engagements in the coming months," said a Satyam associate. A top official added, they're especially happy with the announcement of $380 million worth of new orders.
More trouble is brewing for Maytas Properties Ltd, the unlisted company promoted by the family of Satyam Computer Services Ltd founder B Ramalinga Raju.
For instance, Dr Reddy's Laboratories has six active pharmaceutical units in Andhra Pradesh. The waste streams from the API units mostly contain potassium sulphate, caustic lye, potassium chloride, potassium sulphate and sodium sulphate salts.
The satisfaction of serving the masses is proving to be a bigger lure for some management graduates.
The Central Bureau of Investigation, investigating the financial scam at Satyam Computer Services, is finding it difficult to crack the content of the two laptops that belong to the company's founder, B Ramalinga Raju. It is now sourcing special accessories to unearth the data stored in them.
Within a week of Tech Mahindra emerging the successful bidder for Satyam and depositing the entire amount in two escrow accounts on Tuesday, Satyam employees appear in a jubilant mood. Even those who thought job losses were inevitable now see growth. Tech M depositing the amount for acquiring the stake in Satyam has given assurance to the employees. "This is swift and concrete action. We are now sure our jobs are protected," said a Satyam employee.
The CBI charges in the accounting fraud pertain to conspiracy, cheating, forgery, falsification of records and causing disappearance of evidence. There is no charge of misappropriation of funds. Of the Rs 715 crore made, Ramalinga Raju got Rs 27.91 crore and his brother and Satyam's former managing director, B Rama Raju, got Rs 26.68 crore, in the form of gifts from family, said the CBI. Besides, the Satyam founder 'offloaded the shares and received Rs 26,67,97,198.'
One associate feels rebuilding trust in existing and prospective clients will take six months to a year. "Currently, it's business as usual for those who are involved in project development but not for those in business development. We don't have financials and without it we cannot convince clients about our capabilities. Now that we have come under the umbrella of Tech Mahindra, things may change for the good soon," he said.
Ironically, the laws of the land seem to have given him breathing time from the interrogation of various investigation agencies, which plunged into action soon after the Rs 7,800 crore (Rs 78 billion) scam was exposed.
Even as most of the 50,000-odd employees at Satyam Computer Services remain concerned about job and pay cuts, 250 to 300 employees working on the Merrill Lynch project have accepted an offer from Bank of America (BofA), the bank that bought the sub-prime meltdown-hit investment bank in September last year.
The ongoing placement season at the Indian School of Business in Hyderabad is seeing some undercurrents of slowdown and recession.
The scam-tainted Satyam Computer Services appears to be gearing for action after almost a month of uncertainty.
Employees of Satyam Computer Services are in a quandary over looking for jobs outside the company. Some admit that consultants are offering them jobs, but at salaries that are almost half their current cost-to-company packages. Many others are running into a dead-end given the poor job market.
Employees of Satyam Computer Services are in a quandary over looking for jobs outside the company. Some admit that consultants are offering them jobs, but at salaries that are almost half their current cost-to-company (C-to-C) packages. Many others are running into a dead-end given the poor job market.
After waiting for months for Satyam Computer Services to honour their job offers, several wannabe Satyamites finally landed at the scam-hit company's headquarters in Hyderabad to get an assurance on their jobs. Satyam has been the preferred choice for many students and colleges alike. But over the last couple of years, the company has either reduced the intake or stopped going to institutes for recruitment. The company usually recruited in advance anticipating new projects.
ISB is in the process of framing guidelines on the proposed initiative. It will also approach companies for supporting the students. There is also a proposal to provide grants to the entrepreneurs. However, this is still in nascent stages.
Employees of the beleaguered Satyam Computer Services are now finding it difficult to get personal loans or pay back equated monthly instalments. Even their credit card limits have been reduced by almost 80 per cent since banks have become stringent following reports of the severe cash crunch at Satyam on the back of the admission of a financial fraud by the former company chairman Ramalinga Raju.
Satyam Computer Services did not consult Mendu Rammohan Rao, dean of the Indian School of Business and an independent director on the board of India's fourth largest IT services provider, when it called off the deal to acquire Maytas Infra and Maytas Properties following shareholder protests. Rao had chaired the board meeting that endorsed the company's proposal to buy the two firms linked to the family of Satyam's founder and chairman B Ramalinga Raju.
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