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Satyam gets Murty as CEO and Rs 600 cr

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    • Agencies Tags : satyam computer, ramalinga raju, new CEO, A S Murthy Posted: Thursday , Feb 05, 2009 at 0859 hrs Hyderabad:
    Satyam computer
    A S Murty, a Satyam executive for 15 years, will be the CEO with immediate effect, Satyam said.
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    Satyam's government-appointed Board on Thursday named A S Murty, one of the company's own, as Chief Executive and announced tying up Rs 600 crore loans to meet working capital needs.

    The Board, at the end of a two-day meet, also roped in Homi Khusrokhan, a Tata group veteran, and chartered accountant Partho Datta, as special advisers to help the company in management and finance areas, respectively.

    Murty, who has been with Satyam for 15 years and was currently heading the company's global delivery unit, would assume charge as CEO with immediate effect.

    The company's former CEO Rama Raju, along with Satyam founder Ramalinga Raju, is in judicial custody pending trial in a case relating to a Rs 7,800 crore accounting fraud in the IT firm.

    The company's accounts are at present being restated by KPMG and Deloitte.

    Datta, who would be overseeing the financial operations of Satyam, has served as director finance of Chennai-based Murugappa Group.

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    He said that completing the restatement exercise, Q3 results announcement and ensuring prudent financial operation would be the primary focus in the next few weeks.

    Satyam said Rs 600 crore fresh funds sanctioned by banks, along with healthy collections, is expected to help tide over the company's financial challenges.

    The company said that the special advisers, along with Boston Consulting Group, would assist the new CEO and the Board in defining priorities and their execution.

    The Board termed the decisions as aimed at ‘quickly stabilising’ Satyam, which is smarting from a massive accounting fraud disclosed by Raju last month.

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    Mr. MurthyBy: R V CHAKRAVARTHY | 06-Feb-2009 Reply | Forward I still have a soft corner on Ramalinga Raju as all deeds may not have a positive omen all the times. Every thing will be normalised soon. Instead of making its a news lets hope for the best.Every entrepreneur must have an understanding capability of a structure of organization.
    Satyam SagaBy: Abhay` | 06-Feb-2009 Reply | Forward Hello , No doubt there will be make ups and Uplifts to restore the Image of Satyam ,but this case has surely exposed the Malfunctioning of Top management and dishonest auditors.Henceforth we need to have regulations in place to avoid such duplicity.
    Hello MurthyBy: sunil | 05-Feb-2009 Reply | Forward That "once (women) reach the age of 30, 35 or 40 years, they get complacent and do not want to forge ahead".That single women's "anxiety, attitude, communication methods, etc, cause concern".That "Especially in divorced women, we commonly find problems".That some of the divorced women "are difficult to fit into teams; they can make both insensitive bosses as well as subordinates."That "at senior levels family women fit in much better".All this and more here from Mr A.S. Murty, Director and Senior Vice-President, Human Resources, Satyam Computer Services. Repulsive stuff, actually. And on record, too. This may be the fourth biggest IT firm in this country, may be a billion dollar company, may be a great brand in the market; but if this is what the Human Resources Vice President believes in, I would rather starve than work for an organization like this. With such regressive ideas, does he really believe that he can "bridge the gap" and hire more women at senior positions?
    satyamBy: Mponnambalam | 05-Feb-2009 Reply | Forward Behind every fortune there is crime.It is one famous saying.Now we change this as'Behind every financial fraud there is charted accountant,lawyer and politican.'
    SatyamBy: bhattathiri | 05-Feb-2009 Reply | Forward Murthi's Management should be redefined to underline the development of the worker as a person, as a human being, and not as a mere wage-earner. With this changed perspective, management can become an instrument in the process of social, and indeed national, development.Now let us re-examine some of the modern management concepts in the light of the Bhagavad-Gita which is a primer of management-by-values.
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