The Satyam Fiasco : VPP - The positives & the negatives

Sorry again for the delayed blog update. Have been busy preparing for my higher studies since I no longer am required to go to the office. This for sure is a huge take-away from the VPP.

Yes, for a change, I am writing something positive about Satyam! Well, I am a human and after all, who doesn't wanna get paid for a 6 month holiday!

The key take-away, apart from the free time is the money that they are giving out to the employees. Although it is the basic salary, but if a person has savings, which is highly unlikely, the survival is possible. Of course, you'll have to borrow from friends and family, but whatever!

And the rosy stuff comes to an end out here.

Think about the guy who has just got married a couple of months back, and has been shown the door through VPP. There are people who had liabilities running into thousands of Rupees in EMIs. They are screwed for sure!

I can say that I am enjoying my time on this 6 month holiday that has been doled out to me. But it gets frustrating after some time. If a person is living in the hope that they would be called back for projects, that is highly unlikely to take place.

Analyze this : If they could not find a project for you when you were present in person in the office, how and why the hell would they call you back?

There are many people who are getting out of billable roles, every day. They would be the ones who would get a priority over you in terms of project allotment.

Another thing. If you had thought that your FLCL (Full Life Cycle Leader) would be working in the office to bring you back, the chances are that they themselves would have been fired or would have been asked to 'let go' of the job.

There is utter chaos in the Satyam campuses these days. This what I have come to know from my friends who are still hanging in there. The senior management structure has undergone a thorough restructuring and there are many who are on the wrong side of the line. They eventually would be jumping the ship, or a dhow, if I may call it.

The point is, no one's job is safe. I am talking about the people not on VPP. As far as my brethren and the ladies on VPP are concerned, you'll keep getting that odd mail from the management regarding more people being taken back from VPP, but somehow, you would still be reading it from home on a Wednesday afternoon.

By the way, we're on Technorati now. I said Hello! They replied by saying epyh23st58 !

The Satyam Fiasco : Raju & Sons

The Times of India has reported that Raju stashed away millions in foreign accounts even before the money could reach Indian shores. This surely doesn't come as a surprise to me!

I still remember the 7th of January, 2009 and the week following the dreaded date. There were so many 'ardent Raju worshippers' who believed what Raju had written in his hog-wash of a letter. I for one, a sworn skeptic, could not digest what was written in the letter.

The perpetrator of crime wanted to leave as a sage. And he sure did succeed in luring many of his followers in his spell.

Now the questions that I want to ask, and answers to which are pretty obvious, are :

Why has Raju and his family's property not been confiscated and frozen?

I'm sure the answer to this question would be that the matter is sub-judice and that no action can be taken till there is a verdict in the case. The question that arises is that why the Indian legal system is so incompetent so as to allow perpetrators of a crime, who have wreaked havoc on lives of thousands of innocent people, still living lives of luxury?

Why can't there be a provision in the law that prima-facie evidence should be enough to confiscate the property and assets of the perpetrators when the evidence is glaring at the reality?

Why is he in a VIP jail when lives of over 200k people have been screwed up by that shameless creature?

This one surely beats me! I mean, this cheat is languishing in a VIP jail when the very people who worked hard for building his company are now living on subsistence salaries! Many people who had faith in Satyam and who had contributed in its growth have been put into VPP. Why in the world is he not in a regular cell? I would love to see him sharing a cell with petty thieves!

The Satyam Fiasco : A.S.Murthy : New CEO

Now, as has been the case with Satyam in the past, there are decisions which are difficult to rationalize. ASM has been appointed the CEO of Satyam. The question that arises is, WHY?

It is out in public domain that ASM sold 40000 Satyam shares just before the announcement of 'Strategic Merger' with Maytas was announced. Either he knew how bad the situation was, or he was just caught on the wrong foot. But the point to ponder upon here is that there were more eligible people in the fray.

Take for example Mr. Homi R. Khusrokhan. He would have made an amazing CEO. The reasons:

1. He did not have the Satyam DNA in him, like ASM has. (We'll come to that later)

2. He is a highly respected person in the business circles.

3. He has TATA in his DNA. If Satyam had approached any client with HRK as the CEO, they wouldn't have had any reservations because of the high levels of ethics followed at TATA.

4. He is leading a retired life. So, he would have been the ideal choice as an interim CEO.

Why ASM is not the best:

1. He has broken bread with Raju for almost 12 of the 15 yrs he has spent at Satyam. When the scam is of such huge proportions, ASM getting the benefit of doubt is....lucky!

2. The clients are wary of speaking to anyone who might have been hand-in-glove with the Rajus. They have specifically mentioned severance of contacts in case the people responsible for the scam are still in the company.

3. If ASM is great with clients, as stated, he should have continued doing so in his current capacity. If his stated contacts were amalgamated with the stature and integrity of HRK, the Satyam stock would have jumped a full 50%, at least.

There is a rat somewhere. And it is stinking more by the day. 

The Satyam Fiasco : CBI Enquiry; Funds Diverted to Maytas

My suspicion and belief that the profits from Satyam were diverted to Maytas were confirmed when TOI reported a huge trail leading to the siphoning off of funds. I has mentioned in my earlier post that diversion of funds to Maytas was highly possible. The same sentiment was shared by many in the financial circles as well.

The AP Government will as for 'forensic auditing' of Satyam accounts, and thus, bring the CBI in picture. I hope the process doesn;t get caught in the legal time-warp that Indian judicial system is so notorious for.

And as for the Save Raju mails, I doubt they will stop. I doubt that the stupid freaks at my office would have a change of heart and realise that they have been taken for a ride. I know, that the miniscule brained masses at Satyam would still revere Raju as a demi-god. 

Just watch this space, I'm sure my fellow Satyamites would not betray their feudal-age reverence of the 'job-doling-Raju'.

The Satyam Fiasco : CFO Arrested

The CFO, V. Srinivasan had to take time out from being 'at home', and be arrested for the fraud. He, amongst the battery of co-conspirators would be answerable to the investors, the shareholders and the employees. Raju's statement that he alone was responsible for the fiasco is like saying that Hitler was responsible for the genocides, and that his deputies had no idea that they were targeting the Jews. 

And the worst thing is that the people are believing it as well.

Mr. Raju's parting letter portrayed him as a saint. 'The Maytas deal was the last attempt to set the record straight'. My colleagues are intrigued by his generosity.

Guys, wake up! He did this to save his own sorry ass! He knew that his greed had led him to this state, and he had to do something desperately to cover up the gaping hole in the books. We wouldn't be facing this situation had the company guidance taken a hit for 3-4 quarters on the trot! After filling the gaps, the company could have come out stronger and better! But that was not to be.

I am not surprised if the investigations reveal that money was diverted to Maytas and other entities.

Accountability was missing at every step!

I would urge the new board to bring in a high level of transparency. If a subordinate sees that the billing rates are being fudged beyond limits, the cat must come out the bag.

The Satyam Fiasco - Rajus Arrested

So, the brothers were finally arrested. At their convenience, if I must say. But, better late than never.

But there are questions galore.

Why is Ram Mynampati, the right hand man of Raju, at helm of affairs?

Where is V. Srinivasan, the CFO? (Ram's answer : At home)

What lies in store for the employees of Satyam?

The Satyam Fiasco : The Ass-Licking

One of the numerous SMSs sent by my office-mates:

(Non-verbatim) All of us, the Satyamites, should stand together and work for the company. We should put in pur best efforts and maintain the highest levels of work ethics. Pray for Raju...

I stand by the thoughts in the SMSs above, but not entirely! Work must go on. That is for sure. And there should not be a case where the client feels that the work quality has gone down. I, for one, am putting in my 10 hours into the job.

But I can't digest the last line. Pray for Raju...? What for?

The people have to realise that it's the company that has provided them with jobs, not this person you are idolizing. Why must I pray for him? Did he think of me when inflating the records? Did he think of me when he was minting money by the millions? Why in the whole fucking world must I pray for him?

Guys, open your eyes! This guy has fucked you in the behind! He could have filled the 'gap in the books'. But he did not. Why? Because he would have 'lost the control of the company and a takeover would have been imminent'.

You are eulogizing a person whose greed has made you insecure about your jobs! I reiterate, it is the organization that gave you the job, not that guy!

For God's sake, come out of the feudal mentality that gives a demi-god status to the owner of the company! Have some self-respect! You are here because you have it in you.

Numerous mails end with 'Save Raju'. Bull-shit! absolute crap! 

One of the guys had written : 'I was fortunate enough to meet him during my ELTP (training) days. He is a very soft spoken person and cannot commit such a crime'.

Wow! I mean, how naive could you be, mate! Jack-the-Ripper was also soft spoken! (I admit, inappropriate comparison)

Guys, stop the ass-licking, please. I feel like being slapped in the face whenever I read a Save Raju plea.