One of leading IT exporters in India,Satyam services is facing a huge crisis now.Satyam computers were doing a very big project
for the world bank for five years and they were maintaining it.It has been said in early February, that world bank has banned Satyam from its services and no more funds to Satyam.But these reports were kept quiet and remained silenced everywhere.But now it has been confirmed that, an senior official from World bank has said that Satyam has been banned for 8 years by world bank and there will not be any projects to Satyam here after.After all, there is also ban in India, saying that Satyam would not get any direct projects for the next two years.All these were done because,some personnel’s of Satyam had placed a code in world bank’s, such that they can hack the world bank.In fact it happened and datas of the world bank has been stolen.The Satyam is on fire and the
employees working over there should think about their job from now.Any thing can happen at anytime.
Because of this ban on satyam, it created lot of opportunities for other IT exporters.
A big downfall amidst the global crisis..
As spoken earlier,after the ban from the world bank,Satyam started to feel the heat.Not many people know that Satyam involved in corruption in World bank”(hacked)”.In order to fill those gaps that Satyam created,it bought the aborted Matyas Infra stakes.SEBI has opposed and the problem started from there.Since the pressure mounted on the Satyam
Chairman Ramalinga Raju,he finally confessed today that he involved in the financial irregularities.He also admitted that he has acquired Rs.5040 crores which was not in the books.
Immediately after he made this announcement,the Share market saw a great fall.At the start of the day,there was a clean rise of 150 points.Then it slumped to down 700 points.Satyam Share was 188 today morning and after the Chairman’s announcement it plunged down to two year low to 30.10.nearly 77% loss.Almost all the stocks were in red.Infosys,Wipro did well to sustain in this crisis.
Raju has said that he is ready to face the consequences.He also mailed to the SEBI chariman and Stock exchages.He also apologised to all Satyamites and Stake holders.
SEBI has decided to remove Satyam from nifty effective from January 12.RelCap to replace Satyam in sensex.Satyam is in crisis..Its employees are in face of danger.What can happen from here?