Anyone want to be the chairman?

Requirement:
exp to manipulate financial statement is a plus!

not really true...some people from network team at bank negara that time for a project....but, only three of them...

i want to be a chairman...any tips for me to grab that position?

1. Skill to inflate profit.
2. Got a relative with construction company tat you can buy anytime.
3. Your house do not have mirror so that in the morning/evening, you don't have to look at yourself.

This post has been edited by demio121: Jan 8 2009, 12:01 PM

Staff who work inside any news from top management ppl?

This post has been edited by SoulPower: Jan 8 2009, 12:50 PM

lucky i didn't enter this company...

before this i plan to join this co. since i heard a lot of project on SAP side...fuhhhh!

now they may be having problem to make payrall since their cash reserve is also inflated and no bank will loan money to them at this moment.

Satyam founder arrested for criminal conspiracy, cheating, forgery, and falsification of records. Satyam's chairman earlier this week and admitted to overstating profits at the software exporter over several years by inflating the amount of debt owed to the company and understating liabilities. Satyam sank further ending down 40.3 per cent on the Mumbai Stock Exchange. Tough time for Satyam.
http://www.theaustralian.news.com.au/busin...5-36418,00.html

This post has been edited by yehlai: Jan 10 2009, 10:06 AM

'Satyam staff not to get salaries for 2 months'
Friday, 09 January , 2009, 17:43

Satyam Computer on Friday announced holding back employees salaries for two months, even as rumours were rife that the company might lay off close to 15,000 workers in the coming days.

The offices of Satyam Computer were rife on Friday with the talks about forthcoming pink-slips at the company, which needs over Rs 500 crore (Rs 5 billion) every month just to meet its staff costs and has admitted that its cash position was not encouraging.

Satyam: The truth at last!

Employees said they have received an e-mail saying the company would hold back salaries for two months and asked staffers to bear with it.

However, the company spokesperson declined knowledge of any such e-mail and the issue would be looked into.

Even as the company spokesperson denied any layoff plans as of now, the rumours put the estimated job cuts at close to 15,000 by the end of this month.

Chamber advises against bailing out Satyam

Employees of the company said on condition of anonymity that they were hearing about imminent lay-off of people who were sitting on the bench or were close to completing their assigned projects. Besides, those being retained would be asked to take substantial salary cuts, they added.

At the same time, global consultancy firm Hay Group's Practice Leader Mark Thompson said that employees would suffer the most from the fraud.

Satyam's saga a setback to Industry: Nilekani

Global HR consultancy firm Hay Group's Practice Leader Mark Thompson said: "Based on past experience . . . as with Enron, Worldcom and the Mirror Group, it is likely to be the employees who will suffer most from the fraud perpetrated by their bosses."

Guilty CAs could be barred for life

In early 2000, the collapse of energy trader Enron had left thousands of people out of work, another 8,500 had lost their jobs at accounting firm Arthur Andersen; and Tyco eliminated 15,000 employees.

Analysts at technology research firm Forrester said employees and clients would soon desert the company amid competitive wooing by the rivals.

Clients standing by Satyam: Interim CEO

The research firm added that it has already been consulted by over half-a-dozen rivals of Satyam on competitive strategies to be adopted to take over the business from the clients of the beleaguered IT firm.

Satyam on Wednesday made a shocking disclosure of fudging of accounts by its founder Ramalinga Raju, who then quit as chairman, leaving an uncertain future for the company and its 53,000 employees.

Special: Trends 2009

Raju, in a statement on Wednesday, said Satyam's profits had been massively inflated over many years but no other board member was aware of the financial irregularities.

The timing of this news is the most unfortunate part, given the fragile state of the global economy, Hay Group's Thompson said.

More India business stories | Get the latest Sensex update

The scandal will damage corporate India's reputation, may have implications for the whole BPO and IT Services sector and would certainly give some 'hotheads in the US a little more ammunition to use against the logic of outsourcing to India,' Thompson said.

"However, there will not be a long term impact on the employer-employee relationship.

Instead, we may get tied up with a series of reviews into corporate governance and a host of new regulations attempting to prevent this kind of thing from happening again," Thompson added.

More India business stories | Get the latest Sensex update

Another global staffing services firm Manpower said at this point of time 'employees should assess their current skill sets and explore the opportunities in sectors showing positive hiring intent like energy, telecom and mining.'

Source: India News

O God O God .. Just knew it last night .. and didn't know it was so bad. I believe more Indian IT outsourcing companies will be scrutinised now..

That news is from an unconfirmed email, a friend who works for Satyam check his emails yesterday. Salary for January 09' has already been cleared, but following months unknown.


I have a copy with me 'Satyam Induction Program', given to new Satyam hires.

On page 5"

Satyam Vision:
"To leverage information, knowledge and technology to enhance human endeavor "

Satyam Concept:
The meaning of 'Satyam'

Satyam, in Sanskrit, means truth. Satyam as an organization belives in being truth to all its stakeholders.



.....is to be one of the world's five most valuable integrated IT services and BPO companies"


I hate to say this...but 'kalau dah keling, keling jugak'.

No more Bill Gates miracles now.

Many of their employees are getting to know the 'truth' now.

Thanks to both Pakcik Rama

thanks pakcik rama....lets see satyamites force task at next week carier fair...

This post has been edited by jeerie: Jan 11 2009, 10:25 PM

hmm, my friend told me satyam mean "promise"

the irony is satyam win a award for corporate governance last year.

OMG, I feel pity for my friend who's working in this company.

I don't see how the company formerly known as "Truth" can afford to layoff 15K staff without filing for bankruptcy. Seeing that they don't even have the money to pay the employee's salary for 2 months, how are they able to pay for the severance package? Maybe a gov bailout? Not likely.

I guess that would probably come from breaking up the company into pieces and doing a firesale of those separate parts. They are also in a good position now to be acquired but probably be cherry picked for the best parts. I doubt anyone would want to buy this company as a whole now and assume all its liabilities. I think their auditor, Pricewaterhouse Coopers should be held accountable for certifying the fraudulent figures. Think Arthur Anderson/Enron but on a smaller scale.

This post has been edited by wongkee: Jan 12 2009, 08:15 AM

i think they are likely to get government help since the impact to indian IT economy if the company fail will be huge, the interim chairman have his hand full now trying to keep the company together, it will be critical for them to hold on to their Fortune 500 client, Accenture and IBM must be working overtime now trying to get those contract.

more than 5 years they cheat financial statement
woooo................ great!