A year has passed since Satyam founder B Ramalinga Raju confessed to overstating accounts and shocked the corporate world and the company’s staffers, who had prided themselves on being employed by the (then) fourth-largest Indian information technology exporter. For almost three months, employees stared at an uncertain future, till Tech Mahindra acquired their company. A year later, the staffers (associates, as they are t
ermed) say they are on a much better wicket, even as some doubts linger. “The worst is behind,” says Kiran (named changed), who has been at Satyam for nearly six years. Brimming with confidence, he added, “All thanks to the new owners”, with his finger pointing towards the company’s headquarters — Satyam Infocity — which now sports a new dual-colour logo, of Mahindra Satyam (the former in grey and Satyam in red), replacing the earlier blue. Another associate, Rajasekhar, said memories of the past year continue to linger in their minds, for all the wrong reasons. “The first half of 2009 left us in the lurch, with no clue of what our future will be. And, how can one forget all the trauma that we underwent during that phase?” he asked, acknowledging the new owners (Tech Mahindra) had saved them from standing at the crossroads. “I have some employee stock options (Esops) which could have brought me a fortune (Rs 8 lakh, to be precise) by now, had the unfortunate event (Raju’s confession) not happened. However, they are now valued at Rs 50,000-60,000 only,” he said, while hoping the stock price would recover the earlier shine. On January 7, 2009, Satyam’s scrip opened at Rs 179.10, and dived to Rs 39.95 within hours of Raju admitting to the accounting fraud. Satyam’s scrip today ended trade at Rs 109.30 on the BSE— up 3.06 per cent over the previous close of Rs 106.05.
For Further: www.business-standard.com/india/news/a-year-later-satyamites-onbetter-wicket/381948/
ermed) say they are on a much better wicket, even as some doubts linger. “The worst is behind,” says Kiran (named changed), who has been at Satyam for nearly six years. Brimming with confidence, he added, “All thanks to the new owners”, with his finger pointing towards the company’s headquarters — Satyam Infocity — which now sports a new dual-colour logo, of Mahindra Satyam (the former in grey and Satyam in red), replacing the earlier blue. Another associate, Rajasekhar, said memories of the past year continue to linger in their minds, for all the wrong reasons. “The first half of 2009 left us in the lurch, with no clue of what our future will be. And, how can one forget all the trauma that we underwent during that phase?” he asked, acknowledging the new owners (Tech Mahindra) had saved them from standing at the crossroads. “I have some employee stock options (Esops) which could have brought me a fortune (Rs 8 lakh, to be precise) by now, had the unfortunate event (Raju’s confession) not happened. However, they are now valued at Rs 50,000-60,000 only,” he said, while hoping the stock price would recover the earlier shine. On January 7, 2009, Satyam’s scrip opened at Rs 179.10, and dived to Rs 39.95 within hours of Raju admitting to the accounting fraud. Satyam’s scrip today ended trade at Rs 109.30 on the BSE— up 3.06 per cent over the previous close of Rs 106.05.For Further: www.business-standard.com/india/news/a-year-later-satyamites-onbetter-wicket/381948/
