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10,900 Satyam resumes float on job portals
By   Shoukath Kodubally
Tuesday,13 January 2009, 05:49 hrs
Bangalore: Employees in the troubled Satyam computers have lost trust in their company. Now many are experiencing the same feeling of a current fresh graduate, as majority of its employees are now in search of their bread and butter. As per an analysis by Siliconindia, 10,900 satyam employees have posted their resumes on the top job portals since one month, where in Satyam showing signs of trouble.


In the last one month only 7,258 resumes were posted by the employees in one of the major job portals. During the last one week, followed by the resignation of independent directors, about 4,714 employees have posted their resumes on the job portals. Shockingly, last three days major job sites have received over 1220 resumes from employees and still the number seems to be increasing.

The shaky Satyam has witnessed the exits of well known Independent Directors - Mendu Rammohan Rao, Mangalam Srinivasan, Vinod K. Dham and Krishna G. Palepu. The resignation of the company's Founder and Chairman B. Ramalinga Raju is worsening the crisis further and more and more employees are expected to post their resumes in career sites.

The employees have already begun to approach the recruitment firms also. "We have got a number of calls in the past few days from people in the Vice-President, Senior Vice-President level and above, looking for other options," Kris Lakshmikanth, Chief Executive Officer of Bangalore-based Head Hunters India told Financial Express last week.

Concerned over the fate of the company, 120 employees have resigned their job in Satyam in the last three days.

Earlier the company decided to give pink slips to nine percent of its total 51,000 employees in September. However the current situation is aggravating to loose the confidence of the current employees in Satyam.

     
   
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Reader's comments(11)
1: Forget about satyam, i really admire the talent of this HR guy Aravind D who has posted a job opening for SQA in this comment area , wow man you are the kind of guy who would light a cigar when the house is burning....
Posted by: Rambo - 08 Jan, 2009
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2: In a country where some children still go to bed hungry, and the hard working, honest people are getting poorer by the day, it is a disgrace that people such as the award winning satyam founder are born.
Posted by: vijay pisharody - 08 Jan, 2009
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3: Over All it is Show the weak mind Handled People's Organization who only thing to make money
Posted by: Ran - 08 Jan, 2009
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4: let me tell the people onething we knew about this issue only when satyam himself reavealed the status of the company,if he is in a position to cover the hole as he said,u wouldn't get a clue of this.one would say this as an accounting manipulation,this cant be done by just one individual it's an group effort so everyone should come under jurisdiction including the internel and externel auditors.let's see what steps icai takes to regulate this sort of activities which could dampere investor interest.
Posted by: G.Srinivas - 07 Jan, 2009
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5: As a HR Generalist, I understand the emotional catharsis being faced the current scenario. We feel very pathetic looking at the IT industry’s downfall. I whole-heartedly pray that current situation should change and the booming IT sector has to rise up. I think there may be many active candidates in the job market. We are looking at someone with 5 yrs in SQA with Financial market domain expertise hands. Please feel free to call me @ 93454 26780.
Posted by: Aravind D - 07 Jan, 2009
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6: How is it possible to forge a bank statements and show a fictitious bank interest? And what were auditors from PWC doing? Lets wait and watch how many more Satyams are on the way.
Posted by: Shivalingiah - 07 Jan, 2009
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7: Indeed, auditors have colluded with the Chairman -Conspirator and ensured that they cheat the shareholders, employees, board of directors (i don't know whether they are guilty), their bankers (don't know if they are guilty also), investors, stock exchange, the country and most of disgrace for the industry (not just IT)!

Auditors would have earned by the hour for that and this is the result we get.

Fortunately, I had bought few Satyam shares long long ago and disposed them also when I didn't somehow like holding it for long. And didn't make much profit either. Never regretted not buying them and definitely no regrets now.
Posted by: Manoj Sethu - 07 Jan, 2009
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8: Whats was PWC doing all the time, just sending out the audit fee invoices and some articled clerks to Satyam's corporate office?

PWC is the the first culprit in the entire scam, then comes Raju. Even a 2 student would have asked for support when comeone shows 5000 Cr Cash & Bank balances
Posted by: Siva - 07 Jan, 2009
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9: I would agree with the comment about the untrustworthy auditors and they are the root cause of this evil of fraudulent reporting of financial assets and they should be punished and their licences should be revoked. The employees should not lose faith and they should unite in their efforts to pull up their company from this mess. It is the right time to assume ownership interest in the company and acquire company stock when the prices are low.
Posted by: Major(Retd)R.Rudra - 07 Jan, 2009
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10: This is the outcome of the way that corruption is accepted as unavoidable in India.
Posted by: crazyoldmansl - 07 Jan, 2009
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11: The Institute of Chartered Accountants is squarely to be blamed for its lack of vigilant attitude. It should have taken up Audited Balance Sheets of big and small companies on periodic and random basis to test check whether it reflect the correct financial position check the performance of its auditors. If this exercise was done regularly, the practising chartered accountants would have some kind of fear that someone is watching their performance. How many auditors have the Institute delisted for fraud / lack of integrity etc in the past? I doubt if they had blacklisted anyone. I believe the Practising CAs are the number one source of corruption. The ICAI may well be aware of it and has failed to take any action. It is pertinent to mention here that many banks are unwilling to rely on the numbers presented in the Balance Sheets. It is also understood that two sets of balance sheets of smaller companies, firms and proprietorship concerns are prepared – one for bank and other for Income Tax purpose. Thus, lack of proper control mechanism by ICAI on its members is bound to take a heavy toll on the economy. Satyam case may be just the beginning. The worse may be waiting.
Posted by: D I Ponraj - 07 Jan, 2009
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