A good example of a fail corporate governance.

Do you think that this type of scam happens in Indian company only, it happens anywhere ,,,,in malaysia ??

perwaja stell whats the story ? until now there is no clear expalnation

Doubt Indian gov will bailout Satyam, already so malu, gov probably will distance itself from the company. Lucky this is India and not China, else ex-chairman likely to get death sentence. Anyway, thanks to Satyam, bring bad reputation to overall Indian tech companies like rivals, Wipro, Tata. Now, big customers, esp. Fortune 500 companies will scrutinize their Indian contracts and may reconsider outsourcing their services to other countries, like M'sia. Heh!

Satyam may need Rs 700-800 cr in January: Karnik

Moumita Bakshi Chatterjee
Friday, 16 January , 2009, 09:50




New Delhi: Satyam Computer Services’ immediate requirement could be close to Rs 700-800 crore, including payment of salaries to employees and outstanding debt, its newly-appointed board member, Kiran Karnik, said.

Asked about the funds requirement, Karnik said that overall estimate for January would be a notch higher than the next few months as the current month’s commitments entailed payment of some outstanding debt.

“This is the back-of-envelope calculation, but January’s estimate is higher because there is some backlog of creditors… For the month of February and March, the requirement will be to the tune of Rs 600 crore each… If you adjust the inflow from receivables, the fund requirement will be in the range of Rs 1,000-1,500 crore by March end,” he said, adding that by March, the company expected to catch up with the cycle of receivables and expenditure.

“We need the money, immediately, due to the crisis of cash flow… If the money comes from the Government, it is fine by us. In case it comes from the banks that is fine too. However, we are not looking for a bail-out as it is a profitable and viable company,” he said.

Karnik, one of Government’s chosen names to steer the company out of the current financial imbroglio, said that Satyam would ideally like to look at loans on commercial terms. “Satyam does not need sops or subsidies,” he said.

“The issue, however, is that the banks want the balance sheet, and Price Waterhouse (the external auditors of the Hyderabad-based software services firm) has indicated that its audit report could not be relied upon. As a company, we will be happy to take loans on regular terms. We are trying to sort out this issue. There are ways to get money infused in the context of the balance sheet,” he pointed out.

On whether the company had ruled out seeking any financial help from the Government, Karnik said, “I am not aware of any precedence of Government directly lending money. If this entire issue is sorted out, there will be no need for subvention,” he said.

Karnik said that the company had not yet formally written to its clients to speed-up receivables. “But the overall idea is to see if customers can do something to speed-up the payment schedule, which is normally pegged between 30 and 60 days,” he added.

To another question of whether Vivek Paul (the former vice-chairman of Wipro) had emerged as the top pick for the post of CEO of Satyam, Karnik said, “We have not drawn up the list yet.”

suddenly they have backup plan
but still wonder what's going to happen in the future

Fraud hapends everywhere, just depends whether someone will the scapegoat or someone dare to admit.

I think Satyam will go on, business as usual.But will cut more "fats" -idle employees and unwanted expenses.

L&T might be the one who take over Satyam soon if they continue to acquire Satyam's shares

report said that unemployment rate in india nw sky rocket due to cut down of workers in Middle east...looks like India badly hit by economic crisis also...

hi everyone

i jz got offer letter for the position of cust service, salary less than 2.5k,

no transportation allowance also. i don't feel like accepting it. any advice?

URGENT as if i accept, i need to work next week. please help

thank you

IT Helpdesk?

i am still not sure as it is not stated in the letter but i bet its something like this,,

if you have better/other choice, i would suggest look into others.

if not, look into the resignation rules. if its gonna bond/bind you like more than 1 month, then no.

you take what you get, but don't get trapped by it, so the exit rules is important.

by the way, if i 'verbally accepted' the offer and have receive offer letter from

them but i have NOT sign anything yet, is it still possible to reject them?

yes. but make it quick, the later you tell them this, the end result will become less nicer.

r u sure is satyam ?? they closed down already

I think winks got offered by Mahindrea Satyam

hmm...maybe the new company is worth of giving a chance.

satyam is now under Mahindra...Mahindra is quite strong in financial support... maybe its worth to give it a chance.

i think we shdnt continue this thread anymore..

better to discuss at Mahindra Satyam's thread

Hi!
Today I got call from Satyam company to attend their interview at Cyberjaya next 2 day.
I'm a IT fresh graduate so i seek for the job that suit with my field.
Here i want to ask, what position will be offered by Satyam for the IT fresh graduate and its salary? mind share your experienced with Satyam? Please help me asap!:)Thanks!

Company structure is a mess, after hire you, you have to go through internal interview again. then if you did not manage to get any interview, you will be put on the bench.
during the time you on the bench, you are required to get you self ready to interview with any job, they even ask a network person to pick up java or testing skill in order to get them into a job.
if after 1 month they not able to put you into a job position, your name will be given to HR and HR will start pressuring you to look for a new job at other company.

if you manage to get a job position with-in Mahindra Satyam or get out source by them to other company, you can't join their client company for 2 years as mention in the contract, even you had been offered with a handsome increment by the client company. they will threaten to sue you.

Other than that some manager in the company is good, some are so unprofessional, as they will use words to threaten you. As a professional IT company, they should not be treating employees like that.

One more thing is the initial salary to recruit you is high, after that the yearly increment of the company is bad, you have to be very out standing to get better increment, for normal you will get RM 0 - 50 increment per year