Stocks going down, terror attacks, war situation, 4th biggest comp turning out to be fraud... dont know whats next....
the company is a legal mess. the ADR holders have sued it. Upaid is already claiming $1 billion for alleged fraud. besides Satyam, all its subsidiaries and their accounts are under government scanner now. you may want to read what other IT companies had to say about acquiring Satyam. at most, other companies will buy the profitable segments of the company and let it wind down.
Alas! What a sad end to the IT major of India! @Rohit patel Lets hope that someone saves it! @properpetcare God forbid nothing more happens dear!
It was really sad what happened. Though the promoter is saying that it was a minor adjustment he made 7 years ago to keep the share prices intact and later on to hide that mistake, he had to commit bigger ones, I'd like to know what that minor adjustment was
Really a very tragic end to 4th largest company Here is the govt stand on employees source : http://in.rediff.com/money/2009/jan/08satyam-govt-will-ensure-employees-do-not-suffer.htm
Atleast Government is now be in action and I hope they can take some steps to restore investor confidence. We would have some movement over weekend.
Satyam computers stock is further down 55 % to just Rs. 18 levels this morning... It actually made a low of Rs. 6 !!!! Regards, RightMan
Yes that means now anyone can but the stocks and can be owner of Satyam he spend big money. Yes I seen it and I think it's last day for Satyam in Nifty as from Monday it will be drop from Nifty.
I was surprised when i heard news about SATYAM which is very big IT company in INDIA. What happen in future with this company in future, can any one explain me ?
no one can guess its impact on young corporates and future CEO s and top executives throughout the world!!!!!!!!!!!
Just read in news Papers that Government have dissolved the board of embattled outsourcing giant Satyam Computer. The Ministry of Corporate Affairs dismissed the board, including the company's interim head now and will announced new team soon. Only two people from old board will keep their place in new board.
To me India corporate famous names are Mittal Steel, Tata, Infosys, Reliance and Satyam, especially Satyam is where my India office is, Hyderabad. So it is kinda scary for overseas investors like us. India is flying I hope this incident won't tarnish India too greatly. Hopefully corporate governance will be tighten and the end result is a much more trustworthy system in place.
Well experts from Morgan Stanly Spoke on CNBC TV that this would help to correct loop holes of Indian corporate. I also believe same thing and this board will now take over from new directors set by Government.
It is a good thing to learn from the mistakes, and I hope they really learn from this and enact more laws to ensure greater corporate transparencies and more importantly I hope that the vast numbers of Satyam employees will not be affected. It will be a nightmare if they are retrenched at this time when the global economies are all going down slope.
Yes and in this case employees are innocent and I wish it will be good future for them. I also want to see better corporate transparencies and I wouldn't surprise if new Government make any changes in rules for corporate transparencies.
The employees of Satyam will be affected whatever be the magnitude, considering the current global slow down. I believe that Satyam fiasco should be regarded as an aberration of India Inc and errors like these are never repeated!
Well finally, Indian government has appointed three leading businessmen to the board of Satyam. The three new directors are Deepak Parekh, head of the Housing Development Finance Corporation (HDFC) ; Kiran Karnik, the former boss of technology trade group Nasscom; and C Achuthan, a former member of the Securities and Exchange Board of India. Let's so what it will impact.
Scary to see a respected company of US$70 billion capitalisation dropped to US$300 million in so short a time span. Wonder how many people went bust just because of this. Not an easy task for the trio to restore confidence, at least not within a short time.
Yes it's true and I think this is not a solution for this since Old chairmen dry company and divert all money towards to his son's Real Estate company which could be reason behind this drama. So The company enjoyed a turnover of $40bn last year, is now fighting for its life and I believe these three men will atleast try to restore some confidence in next few months.