Satyam Corporate Governance ???
--------------------Anguish of shares holder / Ex-Employee------------
This is hot topic in the market now, Corporate Governance. Especially after Satyam - Maytas deal. As ex-employee of the company, i was thinking whether to write about this topic or not. But as a share holder i decided i can express my opinion.........
Its purely my opinion no offense or defense. I am questioning the board as a share holder, as an ex-employee i am not commenting on policies or Principles of the company.
Why Raju is being made scape goat for Satyam - Maytas fiasco. Its neither overnight decision nor discussed in the dark. It is discussed in the board meeting and all the board directors were present. Some guys are attending in tele/video conference. IT IS BOARD's UNANIMOUS DECISION, NOT AN AUTOCRATIC DECISION TAKEN BY RAJU ALONE.
When Raju showed board the way the assets are valuated everybody is present in the meeting right ? once the investors started blaming, Directors started resigning. Best way to escape.
Let me remind you, You Board of Directors have withdrawn 1 crore 50 Lakhs as compensation for the fiscal year 2006-2007. Can you deny this fact? How much you have withdrawn over years? Not less than 20 crores ? What were you all doing Bosses ? When the crisis has come you are trying to evade? This is the time the company needs support from you all !!!
Don't you know your roles and responsibilities, as Individual Directors? You are not responsible for Investors best interest of business?
I am arguing with everybody since the Maytas fiasco aroused, i am telling them it is not Raju's mistake alone ? It is his thinking, you could have countered it in board meeting.
Definitely, it is mistake for a software company to invest in Real estate companies. They should invest in IT business to win large contracts over years, to show that they are interested in long term IT business.
Ironically, Satyam won Best governance award hours after this fiasco. What a bad timing!!! No need to say that even international awards does depict relationships and other influences.
Take a look at Krishna G Palepu (Independent Director) profile. He is Dean, professor and Researcher from Harvard Business School. You know the biggest joke !!!! he research, publish, write articles and deliver lectures on CORPORATE GOVERNANCE. His compensation is higher than all Independent directors compensation in the board. He received nearly ONE CRORE in compensation for the last financial year. Once the crisis arrives, he resigned !!!!!
http://drfd.hbs.edu/fit/public/facultyInfo.do?facInfo=bio&facEmId=kpalepu
Sir, this is what was taught to you in Harvard??????
Though i am hard core fan of Raju, i accept the decision taken is in his best interest, though it is against investor, employee, company future. But still he alone can not be held responsible for it.
But the thing which bother me most is , rumours about Raju Exit. He brought this company from $0 to $2 Billion. I want to see the name remaining in market "SATYAM". As an Andhra guy, i like the guts of Raju for raising the flag of a Telugu guy high in the international market. The last thing i want to see is SELL OFF of the company. Its image i feel proud whenever i see the distance he travelled. The first Indian company to become billion dollar company in the shortest span.
World bank ban is another shot in the arm. I was in deep agony, when i came to know, Satyam offered shares to World bank official to get this project. It was one of the trumpcard projects which brought so many deals overseas. I came to know they do marketing with temporary workers in US. Whatever i keep on listening like this, my heart still lies with the company. I strongly believe it has good future, if they can overcome this TSUNAMI.
This one of the best, any guy can dream to achieve, this the worst any guy would like to see about the company he started and raised to the top.
This is hot topic in the market now, Corporate Governance. Especially after Satyam - Maytas deal. As ex-employee of the company, i was thinking whether to write about this topic or not. But as a share holder i decided i can express my opinion.........
Its purely my opinion no offense or defense. I am questioning the board as a share holder, as an ex-employee i am not commenting on policies or Principles of the company.
Why Raju is being made scape goat for Satyam - Maytas fiasco. Its neither overnight decision nor discussed in the dark. It is discussed in the board meeting and all the board directors were present. Some guys are attending in tele/video conference. IT IS BOARD's UNANIMOUS DECISION, NOT AN AUTOCRATIC DECISION TAKEN BY RAJU ALONE.
When Raju showed board the way the assets are valuated everybody is present in the meeting right ? once the investors started blaming, Directors started resigning. Best way to escape.
Let me remind you, You Board of Directors have withdrawn 1 crore 50 Lakhs as compensation for the fiscal year 2006-2007. Can you deny this fact? How much you have withdrawn over years? Not less than 20 crores ? What were you all doing Bosses ? When the crisis has come you are trying to evade? This is the time the company needs support from you all !!!
Don't you know your roles and responsibilities, as Individual Directors? You are not responsible for Investors best interest of business?
I am arguing with everybody since the Maytas fiasco aroused, i am telling them it is not Raju's mistake alone ? It is his thinking, you could have countered it in board meeting.
Definitely, it is mistake for a software company to invest in Real estate companies. They should invest in IT business to win large contracts over years, to show that they are interested in long term IT business.
Ironically, Satyam won Best governance award hours after this fiasco. What a bad timing!!! No need to say that even international awards does depict relationships and other influences.
Take a look at Krishna G Palepu (Independent Director) profile. He is Dean, professor and Researcher from Harvard Business School. You know the biggest joke !!!! he research, publish, write articles and deliver lectures on CORPORATE GOVERNANCE. His compensation is higher than all Independent directors compensation in the board. He received nearly ONE CRORE in compensation for the last financial year. Once the crisis arrives, he resigned !!!!!
http://drfd.hbs.edu/fit/public/facultyInfo.do?facInfo=bio&facEmId=kpalepu
Sir, this is what was taught to you in Harvard??????
Though i am hard core fan of Raju, i accept the decision taken is in his best interest, though it is against investor, employee, company future. But still he alone can not be held responsible for it.
But the thing which bother me most is , rumours about Raju Exit. He brought this company from $0 to $2 Billion. I want to see the name remaining in market "SATYAM". As an Andhra guy, i like the guts of Raju for raising the flag of a Telugu guy high in the international market. The last thing i want to see is SELL OFF of the company. Its image i feel proud whenever i see the distance he travelled. The first Indian company to become billion dollar company in the shortest span.
World bank ban is another shot in the arm. I was in deep agony, when i came to know, Satyam offered shares to World bank official to get this project. It was one of the trumpcard projects which brought so many deals overseas. I came to know they do marketing with temporary workers in US. Whatever i keep on listening like this, my heart still lies with the company. I strongly believe it has good future, if they can overcome this TSUNAMI.
This one of the best, any guy can dream to achieve, this the worst any guy would like to see about the company he started and raised to the top.
Comments
About Raju's prespective:- What is impacting people like you and me we can name his descision as a selfish one. Taking the money of his investors to make his own higher ground. Use that money in better way and more problems could be solved.
The Board, Promoters etc who are in majority the Raju clan took the call. Now this is one thing that came into light and surely put up their crediblity as why and what all they would have done before getting caught in this way.
The trust is lost. Now they are just repackaging.
Take over prespective:- Since a public listed company with a chairman. Stock market says the board needs to be having more than half of the members who are not promoters. One very good reason for the directors dropping off could be that with the patriach promotors opinions would be limited.
Satyam's prespective: A better governance in any form is invited. With the matter they handled internal org restucturing and annual appraisals. These guys need real help.
Ramalinga Raju: He could make satyam rise from 0 to 2 billion dollar. He could create another. But he really need to look out for cloaked pimps near him. This guy build a spotless image and needs to fight the when the house is on fire.