any good prospect on SAP part in this co.?

before this Satyam is one of the most success co.

Requirement:
exp to manipulate financial statement is a plus!

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

'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.

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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.

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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

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

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.”