Satyam Chairman and MD Resigns

Digital Vampire · 11th January 2009, 19:26

Seems to be the case with many IT companies. I'm told that freshers joining Wipro has to sign such security bonds. IIRC it for 75K-1 Lac.

The money is kept as an FD with a maturity period of 15 months. If the employee remains in the company for 15 months, he/she can withdraw the amount after the mentioned period. If the employee deserts the company before 15 months, the bank funds the money to Wipro.

This scheme was implemented to curtail the attrition at the junior level. Before this, many were just using Wipro brand name as launch pads and quit within 6 months of joining the company.

aerohit · 11th January 2009, 19:57

*So i was reading news today and it reads - Satyam scandal is India's Enron

*A few days ago another story read - Mumbai attacks were India's 9/11

*Before that i read somewhere that - Bangalore is India's Silicon Valley

*And lets not forget - Bollywood is India's Hollywood

What the hell! This pisses me off!

Has India gone Characterless? Why do they have to associate themselves with everything that goes on in US.of.North America? Cant India come up with there own terms? This way India will get more respect. When you say, India's Enron, you are easily giving indirect respect to another country for free-of-cost.

Or may be I am starting to feel that CIA indirectly bribes Indian media or politicians to spread their influence and dominance on our minds.

Once again, this is a result of poor upbringing of the Indian kids of the 1960s that have embossed inferiority complex in our system, so much that we dont even realize it today.

I definitely dont represent this group of India.

carboy · 11th January 2009, 20:48

Quote:

Originally Posted by Digital Vampire

Seems to be the case with many IT companies. I'm told that freshers joining Wipro has to sign such security bonds. IIRC it for 75K-1 Lac.

The money is kept as an FD with a maturity period of 15 months. If the employee remains in the company for 15 months, he/she can withdraw the amount after the mentioned period. If the employee deserts the company before 15 months, the bank funds the money to Wipro.

This scheme was implemented to curtail the attrition at the junior level. Before this, many were just using Wipro brand name as launch pads and quit within 6 months of joining the company.

Such bonds are meaningful if they are 2-way.
Company also puts 1 Lakh in a FD. If company fires/RIFs/LaysOff the
employee before 15 months, then the money goes to the employee.

I think there a few countries which recognize only 2 way bonds.

Quote:

Originally Posted by aerohit

When you say, India's Enron, you are easily giving indirect respect to another country for free-of-cost.

And what's the problem with that? Unless, there is a way to get paid for it?

ajmat · 11th January 2009, 21:00

Bonds are only legally enforcible if it is a two way bond. Besides there is the issue of proving the amount spent on the employee.

My company has no bond system. We decide to take the more tougher system of understanding why people would actually leave and focus on:

Ensuring meaningful work
Good work culture - work-life balance
Grat work environment and infrastructure
Recruiting the right people from the right places for the right job (ie an IIT person would hate a support job but love a design job, similalrly a tier2 or 3 college person would prefer a support job - however if ythey want to move higher - there is no stopping them apart from vacancy availability!)

It took us 3 yeas to figure this out - our retention rates are one of the best in the industry. Ignore the great place to work surveys - The swimming pool in the large campus in electronic city is used to cool off since they cut the air conditioning off in the buildings!

diabloo · 12th January 2009, 12:04

Reason is it happened there first.

Quote:

Originally Posted by aerohit

*So i was reading news today and it reads - Satyam scandal is India's Enron

*A few days ago another story read - Mumbai attacks were India's 9/11

*Before that i read somewhere that - Bangalore is India's Silicon Valley

*And lets not forget - Bollywood is India's Hollywood

What the hell! This pisses me off!

Has India gone Characterless? Why do they have to associate themselves with everything that goes on in US.of.North America?

Raju grilled, confesses to police of manipulating the balance sheet for the past seven years eyeing more business, however, he denied bribing anybody in the process.

Team gave me documents, I blindly signed: Satyam ex-CFO Vadlamani- Software and claims he had no knowledge of fudging of over Rs 7,000 crore by former chairman B Ramalinga Raju.

BTW, Ram Mynampati, acting-CEO got a total package of over Rs 3.5 crore during the year ended March 2008. Harvard Business School professor Palepu got Rs 91.91 lakh for 2007-08. The package for Ramalinga Raju totals Rs 60.4 lakh, followed by his brother Rama Raju at Rs 44.07 lakh. Independent directors got between Rs 12 lakh to Rs 13.2 lakh a year.

Digital Vampire · 12th January 2009, 12:44

Quote:

Originally Posted by diabloo

Team gave me documents, I blindly signed: Satyam ex-CFO Vadlamani- Software and claims he had no knowledge of fudging of over Rs 7,000 crore by former chairman B Ramalinga Raju.

Thats the most irresponsible answer I've ever heard from a professional.

So Satyam was paying him salary for signing blindly?...

C'mon...I'm sure there is more to it...This CFO offloaded around 72000 Satyam shares in September 08.

madan80 · 12th January 2009, 12:49

Quote:

Originally Posted by Digital Vampire

Thats the most irresponsible answer I've ever heard from a professional.

So Satyam was paying him salary for signing blindly?...

i agree- even i could have then been the CFO of satyam.

Thad E Ginathom · 12th January 2009, 12:53

Crazy, eh?

He should repay his entire salary, for a start.

And if anybody hears of any vacancy where all one has to do is sign stuff --- please let me know.

srishiva · 12th January 2009, 13:00

Don't anyone think that Satyam lacked the diversity in people at top positions ?

Digital Vampire · 12th January 2009, 13:08

Quote:

C'mon...I'm sure there is more to it...This CFO offloaded around 72000 Satyam shares in September 08.

Correcting my own post, the number of shares offloaded by the Ex-CFO of Satyam is 92,358.

Satyam CFO, who attempted suicide, had offloaded over 92,000 shares-India Business-Business-The Times of India

gkrishn · 12th January 2009, 13:28

Quote:

Originally Posted by srishiva

Don't anyone think that Satyam lacked the diversity in people at top positions ?

What diversity you are talking about? Some thing in the lines of infosys?!?

appuchan · 12th January 2009, 13:56

Quote:

Originally Posted by srishiva

Don't anyone think that Satyam lacked the diversity in people at top positions ?

I think integrity is more important than diversity for top jobs. And that is what was lacking with these chaps...which eventually led to the disgrace of an unsuspecting 53000 employees.

crn12 · 12th January 2009, 16:54

Business News India | India Business News Headlines - Yahoo! India News

25 lawyers would defend him !!

Thad E Ginathom · 12th January 2009, 17:10

... just goes to show that he's still got plenty of money, then!

BaCkSeAtDrIVeR · 12th January 2009, 21:50

Quote:

Originally Posted by crn12

25 lawyers would defend him !!

He has done far more damage to our economy than that Kasab/Kasav guy.

How come nobody throws stones at those lawyers' houses?

11th January 2009, 19:26	#301
Digital Vampire BHPian Join Date: Jul 2004 Location: Utopia! Posts: 605 Thanked: 121 Times	Seems to be the case with many IT companies. I'm told that freshers joining Wipro has to sign such security bonds. IIRC it for 75K-1 Lac. The money is kept as an FD with a maturity period of 15 months. If the employee remains in the company for 15 months, he/she can withdraw the amount after the mentioned period. If the employee deserts the company before 15 months, the bank funds the money to Wipro. This scheme was implemented to curtail the attrition at the junior level. Before this, many were just using Wipro brand name as launch pads and quit within 6 months of joining the company. Last edited by Digital Vampire : 11th January 2009 at 19:30.
	() Thanks

11th January 2009, 19:57	#302
aerohit BANNED Join Date: Aug 2007 Location: India Posts: 985 Thanked: 1,012 Times	So i was reading news today and it reads - Satyam scandal is India's* Enron A few days ago another story read - Mumbai attacks were India's* 9/11 Before that i read somewhere that - Bangalore is India's* Silicon Valley And lets not forget - Bollywood is India's* Hollywood What the hell! This pisses me off! Has India gone Characterless? Why do they have to associate themselves with everything that goes on in US.of.North America? Cant India come up with there own terms? This way India will get more respect. When you say, India's Enron, you are easily giving indirect respect to another country for free-of-cost. Or may be I am starting to feel that CIA indirectly bribes Indian media or politicians to spread their influence and dominance on our minds. Once again, this is a result of poor upbringing of the Indian kids of the 1960s that have embossed inferiority complex in our system, so much that we dont even realize it today. I definitely dont represent this group of India. Last edited by aerohit : 11th January 2009 at 20:08.
	() Thanks

11th January 2009, 21:00	#304
ajmat Team-BHP Support Join Date: Feb 2004 Location: Bangalore Posts: 15,197 Thanked: 31,496 Times View My Garage	Bonds are only legally enforcible if it is a two way bond. Besides there is the issue of proving the amount spent on the employee. My company has no bond system. We decide to take the more tougher system of understanding why people would actually leave and focus on: Ensuring meaningful work Good work culture - work-life balance Grat work environment and infrastructure Recruiting the right people from the right places for the right job (ie an IIT person would hate a support job but love a design job, similalrly a tier2 or 3 college person would prefer a support job - however if ythey want to move higher - there is no stopping them apart from vacancy availability!) It took us 3 yeas to figure this out - our retention rates are one of the best in the industry. Ignore the great place to work surveys - The swimming pool in the large campus in electronic city is used to cool off since they cut the air conditioning off in the buildings!
	() Thanks

12th January 2009, 12:53	#308
Thad E Ginathom Distinguished - BHPian Join Date: Jun 2007 Location: Chennai Posts: 11,451 Thanked: 30,078 Times	Crazy, eh? He should repay his entire salary, for a start. And if anybody hears of any vacancy where all one has to do is sign stuff --- please let me know.
	() Thanks

12th January 2009, 13:00	#309
srishiva Senior - BHPian Join Date: Nov 2006 Location: Bengaluru Posts: 4,372 Thanked: 2,260 Times	Don't anyone think that Satyam lacked the diversity in people at top positions ?
	() Thanks

12th January 2009, 16:54	#313
crn12 BANNED Join Date: Jul 2008 Location: Bangalore Posts: 186 Thanked: 18 Times	25 lawyers to defend him Business News India \| India Business News Headlines - Yahoo! India News 25 lawyers would defend him !!
	() Thanks

12th January 2009, 17:10	#314
Thad E Ginathom Distinguished - BHPian Join Date: Jun 2007 Location: Chennai Posts: 11,451 Thanked: 30,078 Times	... just goes to show that he's still got plenty of money, then!
	() Thanks