Its now official, the Satyam fiasco is now the biggest corporate fraud in the Indian history. The founder of IT company Stayam , Ramalinga Raju admitted on January 7th, that he is involved into a fraud worth around 80 billion rupees and has played with the accounts of Satyam. Raju also gave his quit as the chairman of Satyam on the same day.
The investors dumped shares of Satyam rapidly and the company lost a staggering 10,000 Crores within a day. It is worth mentioning that the company is also listed on Mew York Stock Exchange and it could face similar repercussions there as well.
SEBI also reacted quickly to this development in the Indian business as it could do severe damage to India's image in its accounting and business practices. The fourth largest IT company has also left its employees stunned and they are uncertain about their future in the company.
Satyam, currently employs over 50000 employees and is considered as one of the big names in the IT World. According to some HR professionals, Satyam is likely to cut around 10000 jobs in the coming months. Some of the senior professionals from the company have already resigned from their post few days back.
The investors dumped shares of Satyam rapidly and the company lost a staggering 10,000 Crores within a day. It is worth mentioning that the company is also listed on Mew York Stock Exchange and it could face similar repercussions there as well.
SEBI also reacted quickly to this development in the Indian business as it could do severe damage to India's image in its accounting and business practices. The fourth largest IT company has also left its employees stunned and they are uncertain about their future in the company.Satyam, currently employs over 50000 employees and is considered as one of the big names in the IT World. According to some HR professionals, Satyam is likely to cut around 10000 jobs in the coming months. Some of the senior professionals from the company have already resigned from their post few days back.
