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RSSHot News Satyam Computers Chief Ramalinga Raju Resignation
Hot News Satyam Computers Chief Ramalinga Raju Resignation
Dated : 08.01.2009
Fraudulent Act Satyam Computers.
Satyam Computers, one of India’s largest IT companies, has come under the fraud scam of balance sheet manipulation.
As per the news item on Techglimpse, Ramalinga Raju, the chairman of the company has resigned admitting committing this fraud of such huge proportion.
Satyam is the India’s fourth largest IT firm and has has over 51,000 employees. Giving all the details of the financial irregularities, Raju said the company’s balance sheet as of September 30 carries “inflated (non-existent) cash and bank balances of Rs 5,040 crore (as against Rs 5,361 crore reflected in the books.”
“It was like riding a tiger, not knowing how to get off without being eaten,” Ramalinga Raju said in a letter to Satyam’s board of directors, wherein he listed major financial wrong-doings over the years to inflate the profits.
Satyam Employees
Bangalore: Employees in the troubled Satyam computers have lost trust in their company. Now many are experiencing the same feeling of a current fresh graduate, as majority of its employees are now in search of their bread and butter. As per an analysis by Siliconindia, 10,900 satyam employees have posted their resumes on the top job portals since one month, where in Satyam showing signs of trouble.
In the last one month only 7,258 resumes were posted by the employees in job portals. During the last one week, followed by the resignation of independent directors, about 4,714 employees have posted their resumes on the job portals. Shockingly, last three days major job sites have received over 1220 resumes from employees and still the number seems to be increasing.
The shaky Satyam has witnessed the exits of well known Independent Directors – Mendu Rammohan Rao, Mangalam Srinivasan, Vinod K. Dham and Krishna G. Palepu. The resignation of the company’s Founder and Chairman B. Ramalinga Raju is worsening the crisis further and more and more employees are expected to post their resumes in career sites.
The employees have already begun to approach the recruitment firms also. “We have got a number of calls in the past few days from people in the Vice-President, Senior Vice-President level and above, looking for other options,” Kris Lakshmikanth, Chief Executive Officer of Bangalore-based Head Hunters India told Financial Express last week.
Earlier the company decided to give pink slips to nine percent of its total 51,000 employees in September. However the current situation is aggravating to loose the confidence of the current employees in Satyam.
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