This is one of the statements which is becoming true in these testing times.
Maybe at the end of the day, it's one's conscience which forces one to confess...
After Satyam fiasco, share price is down more than 70% in a single day...i have never seen such a single day sharp fall of any share in India till now.
I hope the employees are assured...already the job market is dry and i can't imagine what will happen with more flooding of resumes.
One feels a slight pity while reading his letter,
"Every attempt made to eliminate the gap failed. As the promoters held a small percentage of equity, the concern was that poor performance would result in take-over, thereby exposing the gap. It was like riding a tiger, not knowing how to get off without being eaten."
But at the same time, the mere thought as how employees and investors are left stranded makes one feel less pity...On a sidenote, yet another proof as what Global economy really means,
RIL has been asked to stop gasoline supply to Iran, as it conflicts with US interest and RIL has a loan from a US Bank.
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Satyam publicly asked it's employees to buy shares a few weeks ago to boost the price. Considering that they are called Associates, Satyam wanted misery to be associated with everybody. It is too callous when you think of a college pass out on his first job or a middle class shareholder. PWC was the auditing firm for Satyam; I wonder what they have to say.
I remember when Bill Clinton visited Satyam HQ when he came to India... Satyam was THE software company at that time... But nonetheless fault lies with ICFAI also.
@ The Chef,
Yes, one's whole career would be ruined with such a bad start.
Regarding the share purchase, i think it was not an official communication, but an internal effort by the employees.
It really takes lot of guts/ hardships to be ethical these days. I personally think many companies and almost many individuals in India need to learn a lesson from this saga. Ofcourse, there is no reward if one lives ethically, only the negativity of these kind of failures is avoided.Guess i can write a separate post on this :)
@Charlie|thotti,
Yes, it was quite a famous event. But then, there has always been one rumour or the other about the bad corporate governance in Satyam in those days itself.
a fan : "Ofcourse, there is no reward if one lives ethically"
Didn't you watch thalaivars Basha ?? There is definitely a reward.
IMO ,living non-ethically is also not easy. And the negativity is quite long lasting (Raju, Raju's son, his family, all Satyam top mgmt etc ) ..its not trivial .
Sujai,
I watched thalaivars Basha lot of times, but never completely.
Probably, it's time to watch it once completely.
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