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Wed 7 Jan 2009
Satyam_Computer_Services_Ltd_070109.pdf
Wed 7 Jan 2009
hello ,
Raju’s Shocking Resignation letter …
Read the attachement
Mon 5 Jan 2009
Hello all ,
Am launching a new feature which gives a list of most active stocks (could be delayed 5 to 10 mins back) from NSE . The page list’s the most active NSE stocks by volume and value …
http://indianewsbox.in/NSEMostActiveStocks.php
Do check this new service from IndiaNewsBox.in
Warm Rgds
Avinash MB
Sun 28 Dec 2008
Hello all ,
I have fixed a bug in the old IndiaNewsBox.in weather service (it was not working during the last 2-3 months) . As a part of this excercise i have revamped the design to include more cities into the weather service .. Do check it out !!
Fri 26 Dec 2008
Fri 26 Dec 2008
Livemint’s article today on Satyam is really nice and has a simple suggestion which if implemented would help Satyam’s case … But will they ??? I dont think so ..
Reproducing the letter sent by Mr Raju to all his employees ..
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Dear Associates,
In the context of the recent developments relating to Satyam’s proposed acquisition of Maytas, I wanted to share with you some information that will help clarify this matter further.
We were surprised by strong shareholder response to the proposed acquisition of Maytas. More disturbing to me is the fact that our corporate governance and due diligence have been called into question by some sources.
I have spent more than two decades working with you to build a company of which we can all be proud. Our Board comprises of renowned business leaders, not only in Indian business affairs but in global operations. We have always worked tirelessly to ensure that a high level of integrity is the cornerstone of all our practices. While there are many corporate governance obligations to be met as a publicly traded company, we at Satyam always make sure to go above and beyond those regulations. Please be assured that our intent to acquire Maytas was well within the framework and these were not compromised in any way. We strongly believed that this move would yield significant value for our shareholders and contributed to the strength of the company.
The proposed acquisition of Maytas was part of our strategy to increase Satyam’s market diversification and secure the company’s position as a leader in urban infrastructure, construction and asset development. One of the primary drivers of this deal was the goal of returning Satyam’s revenue growth rate to its historical norm. The acquisition would have allowed us to accomplish a number of our company goals for the future.
Through this acquisition, Satyam proposed to move into the civil infrastructure industry - a business segment that I am personally very familiar with, and one which is projected to show strong growth for the foreseeable future. This growth in infrastructure is not limited to India, but also extends to many markets across the developing world, especially in the Middle East and Asia. By augmenting our strong position in IT services with an equally strong position in another high-growth industry, Satyam would have been able to mitigate risks and weather potential downturns better, in either Industry. The result would have been a more stable situation for our associates and a higher, more reliable return on investment for our investors.
To implement this strategy, Satyam proposed to acquire two companies in the civil infrastructure and property development sectors, primarily using the company’s liquid assets. Satyam leadership and the Board of Directors, after due consideration, believed that this course was the best, out of several options available, and that the current valuations of the target companies represented a unique opportunity for Satyam to acquire undervalued assets at a discount, with high potential returns.
However, in deference to the stated views and sentiments expressed by the Investment community, we felt that rescinding the planned acquisition was the right thing to do. Although we believe the acquisition has merit, our decision to withdraw the offer represents our desire to respect shareholder views and act expeditiously to avoid further impact.
I want to re-assure you that Satyam remains fully committed to the IT services business and continues to reinforce its leadership position in this space.
The philosophy of Entrepreneurship, Innovation & Leadership has been the cornerstone of SatyamWay and we will continue to leverage these, to create value. We see enormous opportunities in our sector; we feature highly skilled professionals, mature processes and sound business plans, and our financial position remains very healthy.
I share your disappointment that the recent developments have caused to us. We have always placed significant value on the interests of our associates, customers and investors. We are in conversation with many of our key stakeholders individually to correct the perceptions and welcome your suggestions (suggestions@satyam.com) to restore Satyam to its full glory, as quickly and as effectively as possible.
I appreciate your continued trust in us. We assure you that our commitment to serve our stakeholders, and the community remains as effective as ever, for now and in the years to come.
I take this opportunity to wish you and your families a Very Happy New Year
Warm Regards
Raju
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Say sorry and move on dude .. I think today resignation by one of the board members is the right way to move ahead and I think Mr Raju should resign and leave the way for a professional management to take over ….
