Tuesday, January 13, 2009

The Satyam Saga

On the 7th of January there seemed a major earthquake in life what with the Satyam MD confessing to a huge fraud! The head spun at the magnitude of the scam! It gave an almost orgasmic feeling…a kind of feeling one gets at viewing accidents …the gore that holds one captive…I was struck to the TV the entire day…unable to move; work forgotten at home…
And then, it started... all the skeletons tumbling out from the closet….as they dug deeper.
Rumors, speculations ruled the TV…people calling me seemingly sympathizing but obviously gloating over the possibility of a damned job.
Inside Satyam, there was desolation, a sense of anger aimed against Raju…but very very surprisingly, lot of support for Raju as well…some deep sense of try and shield Raju from lot of allegations leveled at him…though most of them were right.
From senior leadership, there were mails and calls of assurances everyday, posting and updating on what was happening and at the same time asking us to keep our chin up. I could see the fear in people's eyes at the prospect of not getting the next month's salary ...people who have splurged money on luxuries who are upto their eyes in mortgages. One of my youngest team members who had just splurged on a Swift(5.5 laks) was worried about how to pay back.
Meanwhile the temptation of the client wooing us with a job…I have seen everything that could possibly happen in the corporate world…
The Directors were thrown out to be replaced by the Govt. appointed ones. These directors seem to have unearthed more dirt! The Satyam Social service (108 Service) too didn’t remain untouched. Aspersions are cast as they dug more dirt. Apart from that, the facts known to people are presented on the TV as though just discovered just to enhance the enormity of the offense.
We as employees aren’t sure of what’s happening, especially as each day unravels a new story. I will keep posting about each day's development esp. from an insider's perspective.