Disgraced Indian IT services provider Satyam Computer has named A.S.Murty, a long-time insider, as its new CEO effective immediately.
Murty has been with Satyam since January 1994. He was previously Chief Delivery Officer and also responsible for optimal utilization of Human Resources. Prior to this, Murty was Head of Human Resources and Head of Insurance vertical.
An electrical engineer from National Institute of Technology in Warangal, Murty joined Tata Consultancy Services after completing his Masters’ degree (in School of Automation) from the Indian Institute of Science in 1981.
Satyam Computer has been brought to its knees after its co-founder B.Ramalinga Raju confessed to engaging in massive accounting fraud for several years to boost the company’s profits.
New Advisers
Following its board meeting today, Satyam’s directors appointed Homi Khusrokhan and Partho Datta as Special Advisers to assist it in Management and Finance areas, respectively. The Special Advisors, along with Boston Consulting Group, are supposed to work pro bono and assist the new CEO.
Both Khusrokhan and Datta are chartered accountants with decades of corporate experience.
Cash Infusion
Satyam’s board today claimed the company had received bank sanctions for Rs. 600 Crores ($130 million) as a planned fund infusion towards working capital requirements. This funding, along with healthy collections, is expected to help the company tide over its financial crisis.Â
Satyam claimed that January 09 salaries (globally) and the fortnightly salary in Feb 09 (for its US based associates) were met from internal accruals.
Meanwhile, Wachtell, Lipton, Rosen & Katz have been appointed as Satyam’s lawyers to address the Class Action lawsuits in US.
Yes, the architect of the Satyam scam B.Ramalinga Raju still continues to cool his heels in a Hyderabad jail.
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Indian IT Crook Satyam Names Insider A.S.Murty CEO added by SearchIndia.com on
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I think its a little unfair to call Satyam the “Indian IT Crook”. The Crooks were a handful of people at the top. That does not mean that one can brand the company as the “Indian IT Crook”.
It is quite insensitive and irresponsible to use terms like that on a public forum like this.
SearchIndia.com Responds:
1. You write above: I think its a little unfair to call Satyam the “Indian IT Crook”.
Let’s not kid ourselves – Raju is/was Satyam…Satyam is/was Raju.
2. Why do you think all the class action lawsuits have been filed against Satyam in the U.S.
Check this article out:
http://www.rediff.com/money/2009/feb/06satyam-employee-writes-from-the-heart.htm
Supposed to have been written by a Satyam employee.
SearchIndia.com Responds:
Interesting…but we don’t agree with some points in the piece (the below sentences in italics are from the piece supposedly written by the Satyam employee).
I see a selfish father in him too that he put a lot at stake for Maytas. However, he resigned with dignity: it does take courage to accept your mistake in public.
Rubbish. Raju quit and confessed because he had no options.
But one cannot deny that he did create employment, which led to many others benefiting too: the tiffinwallahs, the transport people, those who rented their houses, etc.
Varadaraja Mudaliar, Haji Mastan and Dawood Ibrahim also created jobs. Are they all supposed to be lauded for their efforts.
Today Satyamites call Raju a fraud.
Absolutely, Raju is a No-1 fraud. Does anyone have the slightest doubt.
There are many ’emails’ like that written by satyamites, praising their Boss for creating ‘JOBS’. Raju was a big time crook (http://www.greatandhra.com/ganews/viewnews.php?id=13015&cat=15&scat=16) and was with politicians friendship and looted public money. According to me he is a big scale modern thief. AP govt is still supporting him by giving a VIP status in jail. Moral of the story is, ‘when you steal, steal as large as 7000cr and have political partners’
SearchIndia.com Responds:
You write above: Raju was a big time crook (http://www.greatandhra.com/ganews/viewnews.php?id=13015&cat=15&scat=16)
The article you cite above does not make sense. Seems like a wild accusation from a political rival who has no clue what he’s talking about. Rs 25 cr is ridiculous.