Satyam Chairman and MD Resigns

akroy · 13th April 2009, 19:24

Quote:

Originally Posted by hillram

Thanks to everyone's support..we Satyamites have stood this storm with determination and solidarity.
With Tech Mahindra taking over Satyam..It is a moment to reckon.
My last 10 years have been with Satyam and feel proud for this company having grown up with it.
Im hoping tech Mahindra will bring all the uncertainities and anxiety we have had for last 3 months and we will enter a new era of Indian IT Industry.

Thats a pride statement hillram.

Today was indeed special and I hope the company will soon start bagging new projects and there will no layoffs as well.
Something to really cheer for. Jan/Feb was really a tough time atleast for me personally.

Abhi

BomBatt · 13th April 2009, 19:44

Satyam Mahindram Sundaram !

All the best Satyamites

bottle · 13th April 2009, 19:55

Quote:

Originally Posted by Mission_Safari

+1 to that. I am happy that most of us decided to stick and see through the crisis.

OT: Do Mahindra employees get discounts on their products ?

Time to change your handle to Mission_Scorpio

good news guys

mmmjgm · 13th April 2009, 21:05

Lucky Guys Satyamites ! Congratulations.

The government went over backwards on this one, the Company Law Board, Finance Ministry, Deepak Parekh, Kiran Karnik and everyone associated with the transfer of control of Satyam.

Great Job.

brijwhiz · 14th April 2009, 01:55

Welcome to Tech M. It will be most interesting to see how the management works on ensuring there is positive synergy between the two companies.

OT: I believe there is indeed some discount for Mahindra Employees.

Quote:

Originally Posted by Mission_Safari

+1 to that. I am happy that most of us decided to stick and see through the crisis.

OT: Do Mahindra employees get discounts on their products ?

kkr2k2 · 14th April 2009, 15:02

Quote:

Originally Posted by bottle

Time to change your handle to Mission_Scorpio

good news guys

Yes, they do especially if you are from M&M or MIL, I am not sure about other companies.

Also, I heard cars coming out of production lines which have minor problems which can rectified easily, will be offered at a discount. Also such cars are not always bought by the employees and some times such cars are auctioned off, so we can not exactly say how much discount. There was a Bolero which went off for 70K less, as the paint was poorly done up and front bumper not aligned in 2007. But after that I never got to hear of some thing like though.

Quote:

Originally Posted by brijwhiz

....
OT: I believe there is indeed some discount for Mahindra Employees.

Discounts to their employees are normally given when the discounts are announced to general public but employees of mahindra get better discount than the general public(they might be sold at ex-factory price including the duties).

e.g. Logan( I am not sure whether it was petrol or diesel) had a discount of 80K to general public while for the employees it was around 120K.

carboy · 17th April 2009, 17:12

Why the thief confessed when he did.
Ex-insider blew the lid off Satyam scam- Software-Infotech-The Economic Times
He had to.

absynthguzzler · 22nd April 2009, 16:02

pasting a quote from an article in the Economic Times online edition. LINK

"The change in ownership at Satyam comes after its disgraced founder B Ramalinga Raju admitted to perpetrating a Rs 7,000 financial fraud. "

If only it was a Rs 7000.00 fraud, lol.

prince_pervez · 22nd April 2009, 16:16

Gees, 7K is not a big amount! I'll bail him out.Now where is he?

Spitfire · 22nd April 2009, 18:50

Quote:

Originally Posted by prince_pervez

Gees, 7K is not a big amount! I'll bail him out.Now where is he?

@ Central Jail in Chanchalguda, Hyderabad. Use Google maps to find your way there.

Click some pictures for us.

trammway · 15th May 2009, 20:15

It's not looking good again to see the news on Satyam Computers. It is really hard to see a single person's mistake affecting the entire company with over 14,000 people jobs in Danger.

Just reading an article in the online news paper and got shocked as the article claims satyam may loose over 14000 jobs in the near future.

Here is the link:
Satyam may lay off over 12,000 employees

This article seems to be fresh and dated today.

TBHPians, lets support satyamites to secure a career. If not lets talk about the alternative ideas for such job cuts and possible opportunities to the people who lose their jobs

PatienceWins · 15th May 2009, 20:34

I read it today. It is very bad!!

I do not feel safe in IT industry. I hope that IT would become normal soon. May Allah take care of all of us.

Meer · 15th May 2009, 20:40

I dont trust TechM at all, they were very brutal in laying off their own employees in 2001, post that my college never allowed TechM again for campus.

I think these folks were just waiting for elections to get over to start cutting jobs.

trammway · 15th May 2009, 20:52

Yeah, I think so. I remember one of my friend also predicting on the same lines as the ruling government requested the companies to withhold their plans for layoff till the elections. I hoped it was a rumor, but now I'm thinking my friend may be correct.

DriverR · 25th May 2009, 09:36

Damn, it is out in the open. TechM announced Satyam is overstaffed by 10,000. First to go would be non-billable resources (Marketing, HR, Admin).

Source: Economic Times

Feeling really bad. I myself, being in Marketing, barely escaped a purge in my company by shifting roles to another profitable group within the company. I can empathize with the people at risk over there.

This is not good.

13th April 2009, 19:44	#467
BomBatt BHPian Join Date: Aug 2007 Location: Bangalore Posts: 209 Thanked: 37 Times	Satyam Mahindram Sundaram ! All the best Satyamites
	() Thanks

13th April 2009, 21:05	#469
mmmjgm BHPian Join Date: Nov 2004 Location: BOM, PNQ, DXB Posts: 398 Thanked: 30 Times	Lucky Guys Satyamites ! Congratulations. The government went over backwards on this one, the Company Law Board, Finance Ministry, Deepak Parekh, Kiran Karnik and everyone associated with the transfer of control of Satyam. Great Job.
	() Thanks

17th April 2009, 17:12	#472
carboy BANNED Join Date: Mar 2007 Location: Kolhapur Posts: 1,724 Thanked: 1,911 Times	Why the thief confessed when he did. Ex-insider blew the lid off Satyam scam- Software-Infotech-The Economic Times He had to.
	() Thanks

22nd April 2009, 16:02	#473
absynthguzzler BHPian Join Date: Jun 2007 Location: hyderabad Posts: 651 Thanked: 245 Times	pasting a quote from an article in the Economic Times online edition. LINK "The change in ownership at Satyam comes after its disgraced founder B Ramalinga Raju admitted to perpetrating a Rs 7,000 financial fraud. " If only it was a Rs 7000.00 fraud, lol.
	() Thanks

22nd April 2009, 16:16	#474
prince_pervez Senior - BHPian Join Date: Dec 2006 Location: Redwood shores, CA, USA Posts: 4,211 Thanked: 53 Times View My Garage	Gees, 7K is not a big amount! I'll bail him out.Now where is he?
	() Thanks

15th May 2009, 20:15	#476
trammway Senior - BHPian Join Date: Apr 2006 Location: Bridgewater USA Posts: 1,150 Thanked: 483 Times View My Garage	Satyam Computers - Again under spotlight It's not looking good again to see the news on Satyam Computers. It is really hard to see a single person's mistake affecting the entire company with over 14,000 people jobs in Danger. Just reading an article in the online news paper and got shocked as the article claims satyam may loose over 14000 jobs in the near future. Here is the link: Satyam may lay off over 12,000 employees This article seems to be fresh and dated today. TBHPians, lets support satyamites to secure a career. If not lets talk about the alternative ideas for such job cuts and possible opportunities to the people who lose their jobs
	() Thanks

15th May 2009, 20:34	#477
PatienceWins Senior - BHPian Join Date: May 2007 Location: Bangalore Posts: 2,469 Thanked: 991 Times View My Garage	I read it today. It is very bad!! I do not feel safe in IT industry. I hope that IT would become normal soon. May Allah take care of all of us.
	() Thanks

15th May 2009, 20:40	#478
Meer BHPian Join Date: Mar 2008 Location: Pune Posts: 265 Thanked: 203 Times View My Garage	I dont trust TechM at all, they were very brutal in laying off their own employees in 2001, post that my college never allowed TechM again for campus. I think these folks were just waiting for elections to get over to start cutting jobs.
	() Thanks

15th May 2009, 20:52	#479
trammway Senior - BHPian Join Date: Apr 2006 Location: Bridgewater USA Posts: 1,150 Thanked: 483 Times View My Garage	Yeah, I think so. I remember one of my friend also predicting on the same lines as the ruling government requested the companies to withhold their plans for layoff till the elections. I hoped it was a rumor, but now I'm thinking my friend may be correct.
	() Thanks

25th May 2009, 09:36	#480
DriverR BHPian Join Date: Mar 2007 Location: Hyderabad Posts: 415 Thanked: 526 Times	Damn, it is out in the open. TechM announced Satyam is overstaffed by 10,000. First to go would be non-billable resources (Marketing, HR, Admin). Source: Economic Times Feeling really bad. I myself, being in Marketing, barely escaped a purge in my company by shifting roles to another profitable group within the company. I can empathize with the people at risk over there. This is not good.
	() Thanks