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Old 9th January 2009, 12:47   #211
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Originally Posted by ST7677 View Post
Guys, I think that went a long way in setting an example in the whole industry. Phaneesh was Infosys director at that point and was one key person in Infosys's meteoric rise.

Today world market will not judge India by the scam that Satyam did, but it would judge it more by how India reacts to it and what it does to ensure it does not repeat!
Very well said. I completely agree with the above. Some action must be taken against the culprits. That would send a very positive message to the world.

My fear is that this will result in 'inquiries' which will run for years and nothing would come out of them.
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Old 9th January 2009, 12:55   #212
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Mr Raju if you are reading this, you might be interesting in the following thread Super-Cars & Imports in India - Team-BHP

After all you were already very rich.
Now you have made a lot more money.

Maybe a nice new car will help seal you away from the anguish and cries of people who believed and trusted you.
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Old 9th January 2009, 12:56   #213
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Fight hard guys. You are talented and you have already delivered. Why not for yourself now.
While I appreciate the spirit behind the post, I think realistically speaking it's a bit too much to expect all 53,000 employees to have entrepreneural skills or inclination to strike it on their own.
Not everyone working for Satyam is leading a team and is not in a position to start a business. There are scores of support staff and new recruits etc. to whom a steady salary at the end of the month is a very important factor.
If all programmers could become entrepreneurs there would be no one to work for Infosys or Wipro.
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Old 9th January 2009, 13:06   #214
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i got a feeling that NRN holds some grudge against satyam. his language and choice of words were very untypical of his usual statements and definitely not something one would say about a peer company.

all services companies break immigration laws deliberately. and all they do is labour arbitrage. not very different from how the construction workers are supplied to big cities from villages. unfortunately we are in a country where success is measured by the amount of money you make. when i see all these old IT czars of India, i see these successful labour traffickers who are still afraid to do something innovate/engineering-ish with their huge cash reserves. they see china as a competition.. to what? to labour trafficking of course!

off-topic:
do you know the place that has the most number of small-scale real estate businesses. mind you, there are no reputed builders (like DLF,etc.)
do you know who gets all the civil contracts of government in Bangalore?
do you know the indian community with the highest number of body-shopping enterprenuers in US?
do you know the source of the most fudged resumes?
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Old 9th January 2009, 13:07   #215
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Quote:
Originally Posted by bblost View Post
Mr Raju if you are reading this, you might be interesting in the following thread Super-Cars & Imports in India - Team-BHP

After all you were already very rich.
Now you have made a lot more money.

Maybe a nice new car will help seal you away from the anguish and cries of people who believed and trusted you.
hehehe.this is really refreshing among all the serious posts..good one bblost..

i am sure raju would be following the super import thread and watching out for his own rides being featured there.. i guess he used to move around in a bmw 7 series.
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Old 9th January 2009, 13:19   #216
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I love your post Androdev. At last someone is calling a spade a spade and is removing the veil of "technology" from India's body shoppers. Congrats.
But all said and done NRN is an ethical body shopper, compared to the others like Raju. His USP, incidentally, has always been a holier than thou attitude backed by a fairly high moral standard, which has always kept him popular with the Indian middle class. This is the reason why he is such a favourite of the media as a quotable personality on all subjects.

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Old 9th January 2009, 13:26   #217
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What about this? Satyam CFO Srinivas Vadlamani attempts suicide but is safe

Vadlamani’s name is the only significant one missing from Raju's list of those who were ‘unaware of the real situation’ and the IT company’s wrong-doings.

Interim CEO Ram Mynampati in a press conference on Thursday said that Vadlamani had put in his papers. The CFO has been absconding from his home in downtown Malkajgiri for the last two days.

Last edited by diabloo : 9th January 2009 at 13:28.
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Old 9th January 2009, 13:26   #218
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I dont think NRN ever said the employees were tainted.

I believe the comments were made to pre-empt the possible pressure from the AP govt to handle the 50K+ employees coming out of Satyam.

But Infosys or any IT company would not be in a position to hire from Satyam/outside in huge numbers when they themselves are finding it difficult to employ their own staff who are currently undeployed. It is a confirmed fact that All IT companies in India are hit really hard by the ongoing recession and are probing all possible ways to redeploy or trim their own staff. This would be announced in the coming few weeks by most IT majors. I'm sorry to say this, but the Satyam episode is only adding fuel to the fire. And this is just the start of the mayhem. In the short term, I see very little light at the end of the tunnel not just for Satyam but for a good percentage of the IT industry.

Lets change our spending habits and prepare for the rainy day.
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Old 9th January 2009, 13:27   #219
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If I were in Satyam today I wouldn't waste a minute crying over spilt milk. I'd summon a team and go hammer and tongs and retain the business already at hand.

After all there was basic core competence that enabled the company to grow. The fraud does not marginalise the basic strengths of the company. So why waste time. Let there be a hundred companies formed if need be, but all those accounts must be retained.

Fight hard guys. You are talented and you have already delivered. Why not for yourself now.

I can think of many examples of employees in the ad world and IT world setting off and making it big. Why not now?
That's exactly the direction given to all sales teams and their top most priority is to safeguard existing engagements. And, i can safely confess that most customers are professing continued support.

With regards to spinning off on an individual note and start own company, it is possible only for those employees who have fat bank balance who can survive without a paycheck for a year minimum. As you maybe aware, founders of most start-ups dont take salary till company generates revenue/stablizes
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Old 9th January 2009, 13:31   #220
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+1 to that. loved andodev's comments. we should learn from coutries that continued to develop even when they outsurced (scalable) jobs outside.
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Old 9th January 2009, 13:36   #221
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Read somewhere that some banks have reduced the credit limit for Satyam employees.
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Old 9th January 2009, 13:38   #222
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Can Satyam pay salaries to staff?

Satyam pays Rs 522 crore in salaries and bonuses on an average per month. If you include items such as staff welfare, employee stock compensation, reimbursements for travel, communication and other personnel-related expenses - the monthly outgo for salaries would amount to Rs 580 crore.

The ‘fudged’ cash and bank balances could have lasted them 10 months. Ramalinga Raju has already confessed on Wednesday that Rs 5,040 crore out of the Rs 5,361 crore is non-existent. So the actual cash and bank balance of only Rs 320 crore.

The question mark is Satyam employees would be paid their monthly remuneration for January 2009.
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Old 9th January 2009, 13:40   #223
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Quote:
Originally Posted by Sudipto-S-Team View Post
While I appreciate the spirit behind the post, I think realistically speaking it's a bit too much to expect all 53,000 employees to have entrepreneural skills or inclination to strike it on their own.
Not everyone working for Satyam is leading a team and is not in a position to start a business. There are scores of support staff and new recruits etc. to whom a steady salary at the end of the month is a very important factor.
If all programmers could become entrepreneurs there would be no one to work for Infosys or Wipro.
Rightly said, Sudipto! Various people are proficient in different things, and its not easy for each one to directly replace the other. There are those who require to be directed towards achieving a goal, while the natural leaders will ofcourse rise to the occassion.

How these energies are synchronized efficiently decide how a company turns out.
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Old 9th January 2009, 13:41   #224
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NR Murthy never said Satyam employees are tainted.

When the Satyam scam was unfolded 2 days back, he was asked by TV journo whether Infy will buy Satyam, he said Infy will never touch a tainted company i.e. Satyam.

Last edited by finneyp : 9th January 2009 at 13:58.
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Old 9th January 2009, 13:41   #225
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Satyam CFO Srinivas Vadlamani attempts suicide: Indiatimes

HYDERABAD: Srinivas Vadlamani, the chief financial officer of Satyam, who is also allegedly involved in the IT company’s financial fraud,

attempted suicide early this morning, say market sources. He is, however, safe, sources add.

Disgraced former Satyam chairman Ramalinga Raju in his letter of resignation to Securities and Exchange Board of India (Sebi) and the company’s board of directors admitting fraud, had not absolved the CFO.

Vadlamani’s name is the only significant one missing from Raju's list of those who were ‘unaware of the real situation’ and the IT company’s wrong-doings.

Interim CEO Ram Mynampati in a press conference on Thursday said that Vadlamani had put in his papers. The decision on his resignation is to be taken in board’s meeting
on January 10.

The CFO has been absconding from his home in downtown Malkajgiri for the last two days.

He is said to have attempted suicide in the house of some relative in Ameerpet area, sources said.

Confirmation from the police about the incident is still awaited.
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