Despite two months have past sice the scam broke out; Satyam still has good talent within the company & except the so called board (just about handful of men) swindled the company with the connivance of outside people; rest all were genuine.
Satyam has been in business for the last two decades & till otherday; it carried out its responsibilities splendidly. They paid their taxes, paid their employees well. They had a good brand image & had some of the world’s blue-chip companies as their clients. Till date; they have cleared their employee’s salaries (including Feb 2009). Add to this, they added about six new customers in Jan / Feb 2009, inspite of all the bad image.
What it means? It means that the core is still strong & the plaster has peeled off due to negligence & fraud aided & abetted by the system.
Satyam received approval from Securities and Exchange Board of India to kickstart a process to sell a 51% stake, in a move likely to attract more bidders.
The company said in a statement, it expects to invite expressions of interest from qualified investors, with more than $150 million in net assets, under a global bidding process [livemint Posted: Fri, Mar 6 2009.]
It is important that Satyam finds a good & credible strategic buyer immediately; otherwise there will be a severe erosion of goodwill, talent & business prospects
suhas katti
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