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Now worry less about Satyam - Views on News from Equitymaster
 
 
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  • Jan 23, 2009

    Now worry less about Satyam

    After all you do not need to worry about the company's 53,000 employees. Because there aren't 53,000 employee after all! Satyam's ex-CFO has revealed that the company has only 40,000 actual employees and the remaining 13,000 are just fictitious! These numbers were faked to siphon off money in the name of employees (who weren't really there). The funds amounting to around Rs 200 m per month were then used by the Chairman to buy land in 'benami' names in Andhra Pradesh.

    Employees are the most important and critical assets of a software company. But Satyam's case has made this asset no more than a commodity. Just about every company says they expect and want their employees to work smarter and harder. Few of them understand that people cannot and will not work this way when they have wrong role models to follow, especially in cases like Satyam.

    By doing whatever they have done, the disgraced ex-management of the company has ensured that they have not only risked the careers of the 40,000 actual employees that are on its rolls, but have also driven away talent that would have otherwise found its way to Satyam. After all, why would one want to work with a colleague who is fictitious-not really there?

    Truckers' strike jolts inflation
    The wholesale price index (WPI) based inflation rate rose to 5.6% for the week, compared to 5.2% in the previous one. After a continuous fall for 12 straight weeks, the rate shot up due to the truckers strike that lasted for 8 days till January 13. Prices for food articles were the worst hit, and rose by 11.6%. It may be noted that fall in inflation rate from 12.91% in August last year has been due to declining metal and fuel prices. According to a leading business daily, experts believe the rise in inflation this week is temporary and expect the Reserve Bank of India (RBI) to cut interest rates soon to kindle growth.

    Rahman for Oscars
    Maestro A R Rahman is in the race for 3 Academy awards. He has received a nomination for the best original score and 2 nominations for the best original song for the movie 'Slumdog Millionaire'. Way to go, Rahman!

     

     

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