Wednesday, 7 January 2009

Satyam Bang....

Satyam chairman Mr. Ramalinga Raju, who made few disastrous decisions over last few weeks have not only taken down company only but have impacted more.

Satyam management which was always criticised by its employees (I know few guys from there) is receiving bash from all over now. After four of its independent CEO resigning last week and everyone looking forward to the board meeting on 10th, Satyam Chairman have dropped last straw. He admitted that he manipulated balance sheets of company, shown false figures and profit. Satyam's share which was trading at around Rs.600 months ago has been hit badly and now have tumbled to way below expectations to Rs.50. This is not good for the number 4 IT service company of India.

But its not only Satyam's share which is affected but it is credebility of Indian Company which is hit. All over world India is known for IT outsourcing. Years of hard work of many have earned reputation for this Industry and now it has been hit. Any foreign company before dealing with an Indian IT company will surely question it's credibility now.

Any company before outsourcing will surely want to know if it is safe with Indian company or not.... This is surely going to affect the business, market and Indian jobs. World bank, Merrylynch have already terminated their contracts with Satyam. Satyam management has set very wrong example but atleast it has opened the eyes proving that whatever is shown on saurface may not be real. Time to wake up and learn the reality.

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