End Of Road For Satyam??

Year 2003, a year when I passed out, a year when I fetched my first job in one of the most premier IT institute “Tata Consultancy Services”. The moral and professional lessons learnt from the subsidiary of Tata group are invaluable, work ethics and integrity are the lessons taught at first when you join there. Always being called “A Sarkari Company” TCS has always shown great ethics and set standards for world to follow (although I often see people cribbing over the bidding rates of TCS). I truly am thankful to this great institute for teaching me these lessons from the start of my career. Do you think I am here to write a testimony on TCS..? No I am here to write off my adieu to once called the 4th biggest IT Company in India “Satyam”.

Once upon a time I heard the story of a hen that used to give golden egg, poor owner of the hen thought that he might retrieve all the golden eggs if he cuts through. Too bad Ramalinga Raju didn’t read this story. In hunger and greed, he not only disgraced himself but also to entire nation. How ironical that once termed as a role model for world’s entrepreneur has taken a backseat and the backlashes of his obnoxious did of past will haunt for a long time. I don’t think there is anger or amusement in world around on this odious story buildup but now there is a sense of uncertainty and clueless path ahead for people for whom Satyam was of personal interest, the shareholders, clients, banks, stakeholders and most importantly the employees who gets their living from the same bank on which Raju was cooking his feast from past many years.

I heard many voices some loud, some soft-spoken craving in anger and disbelief of the magnitude of default Satyam has posted. The overwhelming volumes of trades in Indian stock market (As many as 330 Million) signatured the closing bells on Satyam saga, what is left is a fleet of elite panel on all the news channels and their useless analysis which I don’t think if of any use now. What shook me the most is statement of C B Bhave the chief of SEBI that they had no clue of this development. This puts a serious question on the credibility of many listed companies on stock exchange and their balance sheets. I wonder if there is an audit conducted on any random listed companies how many of them would default on the same fashion. I don’t care of what the private audit companies do in their audit as they lost their credibility in my eyes when the I-Banks with A+ rating fell last year and SBI still has a B-ve rating but shouldn’t SEBI also be held responsible that they weren’t able to trace the bloodshed of past when Satyam’s real audit book was bleeding, only blaming Raju wouldn’t be of any use. He I am sure has fulfilled his reasons for this act but is there a justice set-up for the people who are now crying for help on this?

This development has not only disgraced the Indian corporate governance but also made an almost non-clearable black spot on the face of credibility of Indian firms to which FIIs and FDIs will definitely going to make a note and further investments in the Indian market will be subjected to even higher level of scrutiny. The timing of this debacle couldn’t have been any better when the entire world is facing recession and this has only added insult to the injury. All the relationships are based on trust and the day trust is broken, relationship can’t be revoked to enjoy the same way it was experienced earlier. From last one year I have seen lots of downfalls, many companies losing their existence on the virtue of their incorrect vices and this is another tail to the same saga which I hope not going to takeover other trustworthy organizations (As if now). A pride of past is now a present shame and a lesson for future that “There is no free lunch in this world”. You have to pay for all your did of past.

What’s the future lies for the employees of Satyam is unknown but what is known and visible from here is lots of sleepless night in the fear of future uncertainty. Finding a helping hand amidst this turmoil for Satyam is highly unlikely as they are drown till throat and they can’t swim it out, the world out here is not going to discount them on this one. They are only going one way which is downwards. To my understanding I don’t think this event would be going to hamper the on going opportunities in IT space for India as the other firms leading the front are surely set high moral values and ethics (Infosys, TCS, Wipro???). From now on NR Murthy’s image has even enhanced and my respect for the gentleman has grown to a supreme level, he is a living example of success doesn’t come dastardly but keeping ethics and setting examples for others to follow.

Finally:

"Satyam" Wada Dharmam Chara (Speak The Truth And Practice Dharma) <> "Ramalinga Raju"