Govt. washes its hands off Satyam
By: Subhadeep Bhattacharjee
The last ray of hope that many Satyamites put on sabbatical had about Government coming to their rescue has dwindled away with Corporate Affairs Minister Salman Khursheed stating that the Government won't meddle into the affairs of the company. Ironically a fortnight ago Mr. Kursheed has stated that the Government wont turn a 'blind eye' on the future of Satyam employees. He said with Tech Mahindra taking on the company it was upto them to manage the company.
To be fair on the Government's part there is very little that they could have done. Tech Mahindra surely had made its calculations right before stepping into the bid to buy the IT giant. The Government could not have interfered into the internal matters of a company and definitely not in the IT sector which has always tried to keep the Government at bay. Nobody expected fraud of this scale in Corporate India's sunshine sector.
The biggest and the most obvious victims in all this has been the employees and more so those in the lower bands who were mostly non-billable. They have been hired and virtually thrown out of a company for no fault of theirs. The global slowdown has added to their woes with very few opportunities in the job market for them to switch to some other companies.
The events since the global slowdown has been a moment of truth for the entire nation. Our generation which had grown up blaming the government for each and every woe and believed privatisation was the answer to all our problem suddenly have doubts. We have seen how bad the corporate world can be. The fat salary cheques can be overnight replaced with pink slips for no fault of the employee.
The Government has lost a lot of controlling power it had over the economy about a decade back and many of our industry leaders want the government to have no control over the economy. Whether this is good or bad for us only time will tell but one thing is for sure the victims will always be the people at the bottom of the pyramid. The leaders who lead organization to shambles will try take their share of responsibility with a token 'salary cut'.
To be fair on the Government's part there is very little that they could have done. Tech Mahindra surely had made its calculations right before stepping into the bid to buy the IT giant. The Government could not have interfered into the internal matters of a company and definitely not in the IT sector which has always tried to keep the Government at bay. Nobody expected fraud of this scale in Corporate India's sunshine sector.
The biggest and the most obvious victims in all this has been the employees and more so those in the lower bands who were mostly non-billable. They have been hired and virtually thrown out of a company for no fault of theirs. The global slowdown has added to their woes with very few opportunities in the job market for them to switch to some other companies.
The events since the global slowdown has been a moment of truth for the entire nation. Our generation which had grown up blaming the government for each and every woe and believed privatisation was the answer to all our problem suddenly have doubts. We have seen how bad the corporate world can be. The fat salary cheques can be overnight replaced with pink slips for no fault of the employee.
The Government has lost a lot of controlling power it had over the economy about a decade back and many of our industry leaders want the government to have no control over the economy. Whether this is good or bad for us only time will tell but one thing is for sure the victims will always be the people at the bottom of the pyramid. The leaders who lead organization to shambles will try take their share of responsibility with a token 'salary cut'.
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