Latest Press Meet of New Satyam Board

The newly constituted three member Satyam board met the press  today evening. Their immediate agenda being quite naturally to restore the confidence of investors, employees, customers and suppliers.Business continuity is assured. They are going to get extension for publishing Q3 results.

Their action plan can be summarised as

  1. Appointment of new auditors to rework last 5 years results and Q3 results.
  2. Arranging for working capital
  3. Appointment of new CEO, CFO and Financial controllers
  4. Get assistance from Govt.
  5. Recovering stolen assets if any

Impressions of Investchips

Mr. Deepak Parekh is highly annoyed by the press persons as they are disturbing him through phone calls. He pleaded the press to leave them alone for thinking, making decisions and to produce any meaningful results. He is correct. I think we need to ban "Breaking News" in the interest  of the country. TV Channels didn't learn any lessons from their earlier "Mumbai attack" coverage.  They are doing great disservice to the nation.

Even though quality of Satyam projects are perceived as very high, they may lose some very important clients and employees. The Govt. would face formidable resistance in announcing US like bail out package. It seems some of the important minister's relatives are holding Satyam shares. To salvage them, this Govt. is making "right noises"  with different players. SEBI should monitor the unusual price movements of Satyam.

As mentioned earlier, Satyam employees should be given time to repay their secured and unsecured loans.Banks should think long term. These well talented individuals with high earning potential would be a asset in long run.  But those employees drawing salary of over 1 lakh/month should accept for deferred payment of their monthly remuneration in excess of 1 lakh. Employees may voluntarily reduce their monthly salary by 20-30% for next 6 months to stabilise their company. Other wise there will be a huge imminent job cuts would follow.

Even though I trust Mr.Deepak Parekh and his colleagues, it is naive to put our hard earned money on Satyam. We again recommend selling of Satyam.


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