The Scandal hit Satyam Computers is now losing its customer base, as its clients lost the faith that they kept on Satyam.The Clients of Satyam are preferring to submit their projects to its rivals like Wipro,TCS,Accenture,IBM.Infact an Abu Dhabi based company pulled out the project from Satyam and handed over to 3i Infotech.
The Clients are ready to offer the companies like Wipro and TCS .Nearly $300 to $400 million projects are to be renewed this year by Satyam’s Client and it may be considered by them.The major problem is for the Companies which are bidding to gain the large number of Stake in Satyam.Companies like IBM,L & T infotech,Igate are looking for the revenues that Satyam would get from its clients,so that they can go for bid boldly.It’s been already said that the bid for Satyam is below the current Market price.
More and more problems are being aroused for Satyam and it has lost its credibility.It is really bad news for Satyam employees, but real good news for other rival company staff’s as their ones will be improved.
Satyam has to find a new way and make it tall as it was before.
The Satyam fraud made the whole India and world to look back into this issue.Our financial regularities have been questioned because of this.The Chief of Satyam who admitted that he committed fraud has resigned from the postion of CEO.The Andhra Pradesh government was searching for proper details to arrest Raju.Finally yesterday the Hyderabad Police arrested Raju and his Chief Financial advisor for committing fraud in Satyam.
This is a great shame for themselves as well as for Indian IT industry.If the conviction has been proven,then Raju could get 7 years jail term.All because of this the shares of Satyam plunged down and in just two days it went to 6.00 from Rs.188.The investors are worried at the moment and anything can happen from here.Moreover the 53000 employees who are working for satyam might face a serious action on them.The Company has announced that there is no fund with it, so that the salary for January might be kept on hold.Satyam is in crisis…
Infosys has clearly said that it wont intake the Satyam employees for any reason.The reports are saying that more than 10000 might recieve pink slips from Satyam.Naukri chairman has announced that on the day of the Raju’s statement of committing Fraud, nearly 8000 registrations were made in Naukri and all were done by Satyam Employees.It is very sad to see that one of the best companies in India is being fall down for just the sake of one individual selfishness.