Technology news and Jobs 
Information Technology News No answers from Satyam yet, but new surprises
Information Technology News No answers from Satyam yet, but new surprises | No answers from Satyam yet, but new surprises |
|
| by Alex Zaharov-Reutt | |
| Friday, 09 January 2009 | |
|
Page 1 of 3   
Featured Whitepaper
5 Best Practices for Smartphone Support
Yet much of its assets and claimed 24% margin have turned out to be imaginary, as explained by its now disgraced CEO in a letter that has instantly become famous. Based in Hyderabad, there are still plenty of unanswered questions over the Satyam scandal, and from the looks of a press conference, held yesterday at 5pm IST, no-one yet knows whether Satyam can apply a heavy dose of its “business transformation” rhetoric to save its own skin and emerge intact from this ordeal. Indeed, given the true status of Satyam is yet to be determined by management and the rest of the world alike, is the Hyderabad-based tech behemoth set to turn into a hydra-like monster… gone bad? The press conference, led by new interim CEO Ram Mynampati, saw reporters asking how any of Satyam’s statements could be trusted, if there was enough money to cover employee payments through January, how quickly its financial statements would be re-issued, why none of the executives at the press event knew anything about the true margin situation and more. The main answer, repeated over and over, was that the Satyam scandal was but 36 hours old, people were working “around the clock” to get answers, and when answers were available, they would be forthcoming. Mynampati also stated that Satyam had received a lot of support from its customers who had pledged to stick with the company, although the sincerity of those pledges is naturally yet to be seen. One revelation was that the company’s CFO had not come to work this week over “personal reasons” and would be back at work from Monday. Later in the conference it was revealed that the CFO had also submitted a resignation – but that it had been rejected by the new management. This caused a stir with the press who demanded to know why this detail was left out when the CFO was first mentioned, but was brushed aside with the assertion that the resignation was rejected and the CFO would be there on Monday to help unravel the mystery and the mess. So, where's Satyam's chairman, co-founder and now ex-CEO, Ramalinga Raju - and what else was revealed? Please read on to page 2. |
| < Next story in category | Previous story in the category > |
|---|
