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Satyam scam: Raju, we feel sorry for you, say employees

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  • Satyam
    Huge banners with messages from some of Satyam's 53,000 staff have been put up in Hyderabad.

    Many staff at Satyam Computer Services tried to put up a brave front on Friday, hoping things would return to normal soon and their jobs secured even as the outsourcer fights for its survival.

    Huge banners with messages from some of Satyam's 53,000 staff and their hand imprints have been put up at the fraud-hit firm's sprawling complex in the southern city of Hyderabad.

    Stand-in CEO Ram Mynampati has admitted the company, which is also listed in New York, faces a crisis of unimaginable proportion following Chairman and founder Ramalinga Raju's admission of years of accounting fraud.

    "There is still enough truth for us to be united," one employee wrote on a banner that has ‘spirit of Satyam’ written in bold at the top.

    "Good times will be back again," read another message. "United we stand, divided we fall," said another one. There was even some sympathy for disgraced Chairman Raju, who quit on Wednesday after detailing fictitious assets and saying profits had been inflated over the last several years, revelations which have sent the share price to 11-year lows.

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    "Raju, we feel sorry for you," wrote one employee.

    A Satyam spokeswoman said the initiative was planned by employees to show solidarity with senior management.

    "We just thought of getting together and doing something to lift our morale," said an employee, who declined to give his name as he was not allowed to talk to the media.

    Analysts see little reason to be optimistic, saying the future of the company is in doubt, and not all employees seemed prepared to wait for a resolution.

    ... contd.

    Next12
    wake upBy: manoj | 28-Jan-2009 Reply | Forward welll,guys watever happened thats a matter of concern and needs a serious thinking of the policy makers,,,but that doesnt means the world has come to an end,,my sympathy is with all the 50000 employees of satyam who stand united at such a critical time .hats off to them,,,,bravo zulu......the company is sure to come up with extra vigor and zeal.moreover this mishap has offered lessons to others for greater transoarency..satyam is surely going to survive,,what is neeeded is better ideas which is surely coming from indian honchos nad resilience and persevereance from employees side.
    Satyam?By: raj | 13-Jan-2009 Reply | Forward This corporate catastophe is only the "tip of the iceberg".Given the strong nexus that exists between the business community, law and order(if there is any!!) and the political leaders, there are probably hundreds and thousands of such fradulent businesses all over India....no one wants to be held accountable and people always want to buy out the legal system with the help of police and politics...same has happened in 60 years and even more so now...
    saytam caseBy: randheer kumar | 12-Jan-2009 Reply | Forward hi this is randheer.Its really very heart throwling news .Such a big company is involved in such a big fraud.i think he should punished so that will take a lesson from him.
    Business ethics and Personal integrityBy: Sai Prasad | 12-Jan-2009 Reply | Forward Raju's case is a sample in today's society with eroding values and ethics. How ever, when persons politicians, business tycoons, etc handling wealth or power of larger magnitude like behave irresponsibly, the repurcussions are also of enormous magnitude like the Satyam Tsunami. It is time for each and every individual to introspect before pointing their finger at Raju.
    IT staffBy: sundar | 11-Jan-2009 Reply | Forward This is a lesson for all IT employees. any company will suddenly vanish in one day. IT people should save for their future. because of their spending habits 1) they put themselves in trouble and 2) problem for lesser paid disciplines also. i know many IT people spend lavishly. it is time to cut. in one way they also following in micro level what satyam did.
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