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Ouch…..Damage to the IT industry….or Brand India!

12 Jan

It has been rated as the country’s (India) fourth largest IT companies, serving employment to nearly 63,000 people all over the country with 66 locations across the globe and the 185th company in the Fortune 500 companies of the world…..Yes all you guys reading this have guessed it right….. SATYAM!

20 years ago with a small start-up company from Hyderabad to being 6.5billion $ company, today is almost going to drains……..Aahaan, the most important and the most difficult , goodwill that the company had earned, today has been making headlines for the past 1 week now……Not mentioning the kind of impinge it involves….Right from its stake holders to the employees to the image of the country……….All the effort for the past twenty years that every person involved in Satyam had been putting in, has tarnished its image, damage beyond repairs and irrecoverable loss…….Every media house or publication is just so God damn utilizing this opportunity to fling mud on Satyam, journalists slogging day & night to get some kind of an exclusive story to rip the man behind the scam, which has altogether of course poised India once again as, ” after all a third world country”…..

What I was wondering was, should I be surprised or feel the loss in these times of recession, think whats in store or be prepared…….If it can be Satyam…..possible a TCS(tata consultancy Service), a  Infosys,  a Wipro, a IBM…..could be involved in future scams………

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4 responses to “Ouch…..Damage to the IT industry….or Brand India!

  1. kumar

    January 12, 2009 at 3:44 pm

    Yes, It is usual practice to look at everything with the same background(good/bad) whenever anything happens like this… I feel this is only a small isolated incident and not all the companies will do the same.. may be some will follow the suit… However, If it happens that all Big cos., do like this…then it would be very worst than a third world war…

     
  2. Chiranjib

    January 12, 2009 at 5:04 pm

    Ya… it can be… but people need to be more optimistic. When an entrepreneur floats an IPO, it seems easy at first, but in reality it never is! The corporate world has its own rules and with rules, come the loopholes for free. Things would change! The image of Brand India would stay intact. Scams like this have happened in other countries already, so why worry about our own? In any case no one expects to stay on in the same company throughout the life. Things change and change for the better! I just hope that a possible merger or acquisition would be able to bail Satyam out of trouble. As far as the plight of employees are concerned, yes, they do have cause for concern! But I am sure things would sort out in times to come…

     
  3. eye-in-sty-in

    January 13, 2009 at 4:10 am

    It is a 1 off incident…. Incidentally, everyone in India is talking about Satyam and not enough attention is being paid to the “international” accounting practices of PWC. Incidentally, PWC also was responsible for auditing Global Trust Bank which also had failed. The Indian company has the excuse of being a 3rd world company – Wonder what excuse will PWC have! lol. For anyone trying to portray India as a 3rd world country and thus scams like Satyam to be expected out of it, all Indians should just say 2 words “Remember Enron”. If that does not shut ’em up, tell them “Remember Maddoff”. If that still does not shut them up… Remind them of the “Credit Crunch”. Am sure one of the 3 should do the trick! It is indeed sad to see the fate of thousands of employees hanging in the limbo because of corporate malpractice!

     
  4. Varun

    January 13, 2009 at 6:05 pm

    It is neither damage to the IT industry nor damage to Brand India. It is damage big time for Satyam. They have made a mistake and are now facing the consequences. But it is sad to see employees suffering due to it. I just hope innocent employees get out of this mess unscathed!

     

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