The Fall into Disgrace

The Satyam fiasco. A nightmare that can't be wished away.

For the uninitiated, you can find here the scanned copy of a confession that might change a lot in the way business is done in corporate India. This is being termed as India's Enron - a dubious honour we could do without.

Under the arc-lights of media frenzy and mass hysteria, a great Indian dream is biting the dust. As an ex-Satyamite, I was proud of that company. All its accomplishments, were also mine and vice-versa. Of course, I had my frustrations with the HR, the middle-level management and so many other things that irked, but never was I ashamed of being a Satyamite.

It was the first company I started my career with, grew with for 3.5 years and where I made some lifelong friendships. I looked up to Ramalinga Raju - I had met him once when he came over to Vevey for a management meeting with Nestlé and then had the time to sit with our team here, and just talk. A soft-spoken humble man. Rama Raju was present when I received my first client appreciation certificate. So many memories - mostly pleasant.

And today, the man is being made out to be a monster on the TV screens. All the shady dealings are under scrutiny - by people who must have been bribed to pass those aforesaid dealings. His confession letter gives the image of him locking himself up in a room to edit the balance sheet. That just can't be right. There had to be others in the know although the buck stopped with him. All those individuals should be punished. I remember harsh HR repurcussions on associates who failed their BG checks. These "corporate honchos" should suffer the same indignity. Time will show how accountable the investors would make these individuals for destroying so much of value.

Write it down as wishful thinking, but for the sake of all the stakeholders, my investments (time and money) into this company, and for the sake of many of my friends who are still there, trying to come to terms with the sudden uncertainty in their lives through no fault of theirs, I wish Satyam, the company, manages to ride this wave. It would have to start with a clean slate again and maybe with twice the effort to salvage the situation and reputation, but then which honest Indian is afraid of hard work?