Team-BHP - Satyam Chairman and MD Resigns

Quote:

Originally Posted by DriverR (Post 1318471)

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.:mad:

That is very much true. I am already feeling the panic pulses everywhere. So all satyamites keep your fingers crossed and hope you are not in that list. God Bless :)

Quote:

Originally Posted by mobike008 (Post 1319052)

That is very much true. I am already feeling the panic pulses everywhere. So all satyamites keep your fingers crossed and hope you are not in that list. God Bless :)

The rest of the Hydeez pray for you guys. Hopefully we will have clarity by the end of the week and all CUG members will come out unscathed (I guess a cut in pay is 'unscathed' under the circumstances).

Cheers & god bless,

Just saw the Latest News scroll on IBN. It seems the Govt is against any layoffs in Satyam. They have said there would be tough measures taken but no layoffs. They also said that they have a controlling say in matters still. Interesting. Wonder what they plan?

Quote:

Originally Posted by DriverR (Post 1318471)

Damn, it is out in the open. TechM announced Satyam is overstaffed by 10,000.

Its ironic that Mr Raju inflated staff numbers to siphon funds and now techM finds that Satyam is still overstaffed after eliminating bogus on paper staff. :Frustrati . Hope this is not the straw that breaks the camel's back. I fear that TechM is endangering the future of the whole company by sacking people at this juncture.

Hi ,

A very close friend of mine works with Satyam , he was saying that INSIDE news is - that majority of clients have left, news in papers is biased that all the clients are sticking with SATYAM , just to support the company in this tough time and get them more clients . If it comes in news then I guess majority of Clients would have ran away.

Not a good thing to happen , and to top it off recession .

lets hope everything works out for Satyam employees .

One hopes that the company can build itself up again anyway.

I wonder if we need a new thread, or a changed title. The collapse and the fraud is one story, which, I guess is going to rumble on and on; the future of the company is now, we hope, a new and different story.

Quote:

Ramalinga Raju, the founder of Satyam who is in jail for massive corporate fraud, has been granted bail by the Supreme Court along with his brother, Rama. Former Chief Financial Officer Srinivas Vadlamani has also been granted bail.

The court pointed out that Mr Raju has already spent 32 months in jail.

Mr Raju has been kept at the Chanchalguda Central Prison in Hyderabad. The charges against him include criminal conspiracy, breach of trust, cheating and forgery.

Mr Raju was arrested for his role in the Satyam scam on January 9, 2009 - the outsourcing giant's accounts had been doctored to show fictitious assets and capital. The scam is estimated to be in the range of Rs. 14,000 crore.

He was granted bail by the Andhra Pradesh High Court last year, but the Supreme Court cancelled that, forcing Mr Raju's return to prison in November last year. At the time, the Supreme Court had said that Mr Raju would be eligible to apply again for bail if the trial in his case was not completed by the CBI by July 31, 2011