Corruption is an endemic part of the system, so why should Satyam be subject to higher ethical standards by auditors, bankers, etc. than some other company?
As of date, the company has 449 employees on its roll, a company spokesperson said, adding it would be difficult to say off-hand the number of non-critical employees removed from the service.
Asking the government not to use taxpayers money to bail out scam-struck Satyam, the CPI(M) on Friday demanded confiscation of about 17,500 acres of land, given to it and two Maytas companies by the Andhra Pradesh government, to pay for the salaries of its 53,000 employees.
The hammering in the stock prices of the company, that was promoted by the family of disgraced Satyam founder B Ramalinga Raju started from January 7, the day Raju made public an about Rs 7,800-crore (Rs 78-billion) fraud. Shares of the company fell five per cent immediately after opening on the BSE and the National Stock Exchange and witnessed lows of Rs 117 on BSE and Rs 116.75 on NSE. On the volume front only 525 shares were traded on the bourses.
B. Ramalinga Raju: his admission of manipulating Satyam's books for 'several years' has undermined faith in Indian corporate governance
Satyam is still to log out Raju, his brother and other members of his top management team, despite his quitting as chairman on January 7 after admitting to a Rs 7,800-crore (Rs 78-billion) financial wrongdoing. His brother Rama Raju, who quit on the same day and is also in the jail, is still being presented as the managing director and member of the board of the scam-tainted company on its official website.
In an e-mail interview to Assistant Managing Editor Indrani Roy Mitra, chairman of National Association of Software and Service Companies, Ganesh Natarajan discusses the issues related to the Satyam debacle.
There are very few takers for B Ramalinga Raju's astounding claim that the margin earned by Satyam in the quarter ended September 2008 was just 3 per cent, and not 24 per cent as reported in the results.
Mynampati, who is now being questioned by the team of market regulator SEBI, got a total package of over Rs 3.5 crore (Rs 35 million) during the year ended March 2008, while founder and Chairman had to contend with just about one fifth.
As a 'C' class prisoner Raju would be eligible for 650 grams of rice thrice a day and 250 grams of vegetable curry and 125 grams of dal.
The market capitalisation of Satyam fell to Rs 1,607.04 crore (Rs 16.07 billion) on Friday from Rs 15,262 crore (Rs 152.62 billion) at the end of trade on December 16, 2008, the day when Satyam announced an $1.6 billion acquisition deal of two firms promoted by the kin of IT firm's former chairman Ramalinga Raju. However, the company aborted the deal hours later after the investors dissent.
Though the decision to pull out of the Rs 8,603-crore (Rs 86.03 billion) multi-services SEZ project in Tamil Nadu has been taken by the MMTC brass, the formal approval for aborting the plan is expected on January 16 from the MMTC board.
The Satyam incident did not come as a bolt from the blue for the Bangalore-based IT-BPO union, who had written to the IT industry body Nasscom, the Prime Minister, IT Minister and Ramalinga Raju himself to conduct an inquiry into the affairs of the company in 2008.
Satyam Computer Services has formed a new team to look into its day-to-day affairs, following the resignation of its chairman Ramalinga Raju.
Amid speculation over his whereabouts, B Ramalinga Raju, who stepped down as chairman of Satyam Computer after admitting to financial irregularities, is believed to have left for the United States in connection with a court case.
The stake of B Ramalinga Raju's family in Satyam Computer Services may have come down to just around four per cent from 8.61 per cent of the equity of Rs 134.10 crore as at the end of March 2008.
Raju pleaded for leniency citing his philanthropic activities.
Satyam Computer Services Limited on Friday signed a memorandum of understanding with West Bengal Electronics Industry Development Corporation Limited for setting up its development centre in Kolkata.
Hyderabad-based Satyam Computers has set aside $1 billion (around Rs 4,100 crore) to buy companies which it finds attractive.
Satyam Computer Services expects to grow its headcount substantially in China from the current 300 to a few thousand in the next few years, even as it scouts for acquisitions to enhance its skills in areas it does not have a foothold.
The euphoria over the Rs 181 crore (Rs 1.81 billion) net profit in October-December 2008 notwithstanding, Satyam is still not out of the woods as it faces legal and other claims that could put a burden of up to Rs 10,000 crore (Rs 100 billion) on it.
The National Association of Software and Service companies has appointed S Ramadorai, chief executive officer, Tata Consultancy Services as the chairman of Nasscom for the year 2005-06.
Fourth largest software exporter from India, Satyam Computer Services on Thursday said it would expand its global footprint by opening more delivery centres and sales offices overseas.
Leading IT services firm Satyam Computer Services will be allotted 50 acres of land in Chennai by the Tamil Nadu government for expanding its operations.
The Special Court on Monday has sentenced erstwhile Satyam chairman B Ramalinga Raju and his brother Rama Raju to six months imprisonment for violating provision of the Companies Act.
After making Ramalinga Raju and the iconic IT firm he founded the butt of jokes, a bunch of trigger-happy IT whiz-kids have created a game 'Nail The Thief' where players are asked to hit the tainted Satyam founder with rotten eggs and win an iPod! Within days of its launch, the game has already been played more than 100,000 times, with a few playing it over and over again, as per the information on the website of the game.
The software company has conducted 'mass recruitment' of entry level engineers from top Malaysian universities.
Warning the Indian IT industry against complacency, the head of Satyam Computer Services has said it needs to continuously innovate to keep ahead of other developing nations including China which are 'eyeing a piece of the pie.'
The knowledge economy demands that companies must put premium on their soft assets such as workers, brand value and goodwill, B Ramalinga Raju, chairman, Satyam Computer Services, said on Friday.
Satyam Computer Services Ltd on Wednesday announced approval of Sponsored American Depository Shares issue against the existing equity shares of the company.
The NYSE-listed Satyam Computer Services on Tuesday said the company has the potential to grow from its current employee strength of 20,000 to 50,000 in a few years.
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