Satyam Shivam Sundaram.
Truth is God , God is beautiful.The truth, the conscious and the beauty are essence of Divinity.
“Satyameva Jayte naanritam”
“Truth alone triumphs , not falsehood “-the origin is from Mundaka Upanishad.
Satyam( meaning Truth) computers ,has lost its name , both literally and metaphorically.
1.6 billion was to be deployed in a buy out of his Mayatas Infrastructure and Mayatas properties . this move triggered the investors to protest.
Mayatas is an angaram of Satyam. A reversal of letters has reversed the credential of the Company.
Ramalinga Raju is in a soup. His family has 8.6% share in the company.His two sons are inthe Board , in the capacity of Vice Chairmen.The Board . comprising of Krishna Pelapu, T.R. Prasad former cabinet secretary’and am Mohan Rao , Dean of Indian Business school.
The Board passed the resolution and did not bother to get the consent of the shareholder.The investors were provoked, and old the shares in a quick motion.Raju was shell shocked. He sent signals of rapprochement ,but it was too late.
Four of the Directors have resigned from the Board., thus ditching the interest of the shareholders.It looks a though they are running away from crucial decision. The Board meeting on the 10/01/2009 . is going to be a farce.
The World Bank has already barred Satyam from further contracts.
Ramaling Raju has brought disgrace too the business fraternity.
The company has to find a new team , to take care of its cash rich ,factor about 5000 crores surplus .Will Raju actually quit such a flourishing company?If so , will he keep away from the management?
He may fix up a proxy team to take control of the management. The financial companies, like Aberdeen,Fidelity etc have 20-25 %, can convince the investor and usher in a new management.