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hEY FRIENDS...its been a week over great ..scandal abt the indian IT Gaint SATYAM ..i have been in a great shock over this issue... SATYAM was amogst the Top 4 IT companies in INDIA ... but now no one can decide its status...
i wanted to clear the long scandal prevailing... so i wanted to be acted as a journalist 4 some days and.. put my engiNeering HEAD into journals...
Because i too seemed to be a student related to IT... I mainly focused the content in my blog on the engIneering Students of South india Because..they too have a Question Mark Over Their Future IT CARRIER...OK guys Enough of the inTRo LETS PRobe In2 THE ISsUE

REGARDS
SHRIK

ABOUT SATYAM COMPUTERS...!!


Satyam Computer Services is a Hyderabad-headquartered Global IT Services company founded by B Ramalinga Raju.


Satyam's finance misappropriations

I "ll PROVIDE U THE DAY BY DAY UPDATE THAT U CAN MAKE AN CLEAR IDEA ABT THIS ISSUE....!!!

January 7, 2009

On January 7, 2009, Ramalinga Raju has submitted his resignation admitting financial wrong-doing by sending an email to the Board of Directors and the Stock Exchanges. Raju's fraud is considered the biggest in Indian Corporate history and hence the scandal is termed 'Indian Enron'. Ram Mynampati took charge as Interim CEO (pending ratification by the Board). Soon after Raju's admission, the Satyam stock price took a free fall on Indian stock exchanged and closed the day down by 77%. The BSE Sensex itself closed down by 7% after heavy selling with Realty stock getting hammered after Corporate Governance and disclosures of many companies got doubted. The SEBI announced it will probe into the recent activities at Satyam. Andhra Pradesh Chief Minister has called for a CB-CID probe into the irregularities. Security is enhanced at all Satyam facilities and police forces are deployed to ensure no untoward incident takes places.

January 8, 2009

The Interim CEO Ram Mynampati, along with his senior team spoke at a press conferance at Satyam Headquarters. Ram said he is not aware of the financial mismangement at Satyam and that all leaders are taken by surprise and shock. Having taken the role of Interim CEO, he said his team's immediate responsibility is to assess the verasity of the statement made by Raju and he and his leaders are reaching out to their stakeholders and working for business continuity. He said that the teams at Satyam are reaching to their top clients and updating them of the developments. The Top 100 Clients of Satyam contribute to 80% revenues and the top leaders are personally reaching out to them. The next level Satyam leadership is reaching out the other clients in a bid to retain the client relationships.

January 9, 2009

Minister of Corporate Affairs P C Gupta said the Indian Government has invoked section 234A of the Company's Act. This enabled the Registrar of Companies to obtain search and seizure order from the judicial magistrate in Hyderabad on January 8, 2009 at 6:00 PM. Gupta said that the SEBI and the officials of the RoC are in Satyam office and collecting and ceasing documents so that they are not forged later.

A Satyam report was out that it is not handing pinkslip to 10,000-odd employees as reported in the press. It also reported that the salaries of its 53000-odd employees for the month of January 09 will be honored. Reports say Satyam needs about Rs. 500 crores to honor salary commitments.

Rumours are out that CFO Srinivas Valdamani has attempted suicide but Satyam sources denied the reports.

January 10, 2009

As announced earlier, the Satyam Board meeting of its earlier Directors is cancelled following Government stepping in. Government sources says the arrest of Rajus is a well co-ordinated action. Sources say SEBI and CID teams are interrogating Srinivas Vadlami about the scam and that he is likely to taken to police headquarters. Sources report that the Andhra Pradesh Government is lobbying for upto 3 positions in the new Satyam board.

The Raju brothers are sent to judicial custody till January 23, 2009 and are shifted to Chanchanlguda Jail. CFO Vadlamani Srinivas is interrogated at DGP Office and is later arrested by the police.

Media reports say that Bank statements are missing from the documents seized yesterday by the investigating agencies.

Employees of Satyam Computers have written to the Finance Ministry to direct Banks not to lower their credit card limits. Leading Banks ICICI Bank and HDFC Bank have sent SMSs on January 9/10 to Sayam Employees having credit cards informing them that their credit card limits are lowered.

Life Insurance Corporation (LIC) of India said it is open to be a member on the Satyam board. LIC said that big investors are intouch with one another about the developments. Satyam's largest shareholder Lazard is reported to have asked for a position on the Satyam Board to the Ministry of Corporate Affairs. Media reports say that a senior member from Lazard is flying to India to take its representation forward. The Minister said that they are reviewing it. The Ministry have given the representation to the Prime Ministers Office (PMO) which will finalize the list of members on the board.

New Satyam board speaks with the press

The newly appointed Independent Directors of Satyam addressed a press conference at the Satyam Headquarters at 5:30 PM. The Directors said that their top priority is to restore confidence amongst the stakeholders. They felt the need to restate the Q3 results and hence are in the process of appointing an independent audit firm for the job. Two audit firms are already reached for the job and one amongst them is likely to be allotted the work. The Directors said that more members will be appointed by the Government shortly. They said that they will be meeting more often for the next few days but said that their job is not to manage the company on a day-to-day basis. They said that a CEO and CFO will be appointed shortly and that the company needs �fresh blood� hinting that the two top jobs will be given to a Satyam-outside.

Considering of the bad situation in which Satyam is in at the moment, they said that no bank will be willing to give money to them unless the Q3 results are restated. Once banks get the confidence, the problem of liquidity can be well addressed. Considering that Satyam has AAA grade customers, reaching out to them and asking for advances for the receivables is another solution possible. They said that �large amount of receivables are due� and if they come on time, liquidity with the company should be adequate.

Speaking on the status of Pricewater House Coopers, the Directors said that the appointment of auditors of the company will be decided by the shareholders at the next General Body Meeting.

The Directors said that they have no plans to talk with the Rajus for now.

Speaking on immunity from law suits, they said that Satyam has not yet asked the Government for protection / shield from the law firms but said they will require considering that the
immediate job is get the company back to running.

THE QUESTION MARK STATUS OVER THE 53,000 EMPLOYEES IN SATYAM

"As a result, sourcing and IT executives need to actively review their exposure to the company and their options as a cloud of uncertainty hangs over the company," it said.

"Both clients and employees will desert Satyam as a result of competitive wooing. In our interactions with several of Satyam's employees across the organization they showed utter frustration. Large and small clients alike will look to other suppliers they already work with as an immediate fallback position as the confusion continues. More than half a dozen providers have already called Forrester to discuss competitive strategies for taking over business in joint accounts," it added.

"There could be a shift in customer loyalties. The solution for global customers will be delivered by multinationals if not Indian players,"

I THINK I HAVE MADE U UNDERSTAND THE UNLIKELY SITUATION PREVAILING IN THE IT FIELD... I STILL NEED UR VALUABLE COMMENTS TO MAKE THE YOUNG MINDS OF INDIA TO COME IN2 A CONCLUSION ABT WHAT'S HAPPENING AROUND THEM..........

THANK U FOR READING

I don't quite believe in the concept of NY resolutions, because I feel that the 12-month period is too long for anyone (who takes it seriously) to properly review their own performance, and keep themselves in check.
More often than not, by June we would have forgotten about it or slacked off so much that we'd just stop giving a damn. Thinking, "Ok this will be next year's resolutions, and I'll be more serious then, I promise!" Yeah right.


NY resolutions is a form of self-improvement. The idea of it is noble, but perhaps a little tweaking is needed for it to be effective?

I've decided to try this little experiment on myself this year.

Monthly resolutions, or monthly personal goals.

To be honest, I did draw up a long healthy set of New Year resolutions, but now I think I'll break it down to shorter-term goals, in order to achieve my long-term ones, and review it every month end. I'll probably think of new goals along the way, then I'll insert them into next month's resolutions! Slow and steady wins the race, baby.

THINK +

SHrik