Will Satyam be able to bring back its lost shine?

By SiliconIndia   |   Wednesday, 29 September 2010, 02:51 Hrs   |    22 Comments
Printer Print Email Email
Will Satyam be able to bring back its lost shine?
Hyderabad: After two years, Mahindra Satyam is going to announce its first financial statements. Now, the employees, investors and customers are keeping their fingers crossed and are expecting that the company will be able to get new business and clarify about the company's financial health, reports Sreekala G and Pankaj Mishra of the Economic Times.

"For me, tomorrow is the moment of truthwe will have something to show to our customers , both existing and potential," said Akshay Prakash, a 33-year-old project manager at Mahindra Satyam. Since two years, Satyam has been struggling to retain customers and its key employees. The company's SAP practice which was serving top customers like GE, GM and Nestle has been among the worst hit. The employee count from January 2009 has come down to 800 professionals from initial count of around 4,500 staff. Even the unit head Manish Mehta had quit to join Patni.

"Financials are key to business and I believe that is the last tick mark left for the new management to do. It will open floodgates and we are ready to face it. For us, numbers are just another milestone. It will give more clarity to our customers and will help rebuild confidence and attract new talent to the company,"said Bhanu Murthy Sattiraju, Vice-President of the company's digital convergence business unit.

Investors and experts hope that the new management would give a clear disclosure of quarterly results after two years. In January 2009, Satyam founder B Ramalinga Raju admitted to a fraud of inflating the company's revenues to the tune of 7,136 crore. Later, Tech Mahindra acquired a 43 percent stake in the company through a government-controlled auction.

SPOTLIGHT
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..