well ramalinga raju..is highly respected man in andhra.but that does not..forgive his sins.in a bid to stay at top..he had commited some accounting fraud..pretending that every thing is rosy..in the company.he has shown some lossess as profits...in the balance sheet..and hoped that situation will improve ,then he can cover up his lossess.but bad luck to him situation has worsened.he evn mortagaged some his shares..to save some time.but even then ,the situation has got deteriorated..so every thing is exposed.
its impact on the company's future prospect is huge.i dont think satyam can no longer exist. it has got 53000 employees all over the world..all of them had to find jobs..in other companies..like wipro, infosys..all of a sudden. in these recession times for small time employess and employees with little exposure..may not get easy placements.even if they do get jobs..they will be paid much less than previous time.now that..they have a lifestyle up to now..and several loan committments..on house, plots, flats or car..all in severe stress.
its impact on other software job seekers is also high. new peoplecoming into software profession will have to look at their job profile. nearly experienced and talented53000 of them are already.challenging them for jobs.so no more fresh chances for them. their dream of high 5 digit or six digit salary per month may not be viable.. already..software grooms are difficult to get a bride..now it will be more difficult.
its impact on IT industry is also high. as customers and clients...now will look at them and their balance sheets..after..satyam fiasco more suspiciously than ever..that means less orders and less projects than ever. the customers..all over world..will now look for non indian..software firms.and other BPO industries. with less projects the WIPRO'S , INFOSYS OR TCS shall have to cut jobs.that is adding to existent problems.
its impact on country's image as well as state image is also high. FIIs will now cautiously invest in indian companies..after such a malignant accounting fraud. the trust factor has taken a beating.so frsh investmets i would say..will be slowed down[alreay slowed due to economic recession] if not totally stopped.
our state's image has also taken a beating. CBN has tried his level best to improve..state's image as software hub especially he encouraged firms like satyam very much..of course..all his policies are vigorously some times..aggressively followed by YSR. now that ..image has gone. i dont think we can see another satyam like firm from our andhra pradesh...in the near future..its all over..as far as andhra pradesh concerned. the dreams of vizag and other satellite towns being..other software hytechs now gone.
its imact..on real estate,auto, tourism of our country is also influencial.till now software people send dollars to purchase lands and flats..from abroad. now that will be slowed. some of them..might have to get rid of them..houses flats..due to poor committments.now that will create panic mong bankers..becoz similar problem..arose in US.suddenly they have more properties at less market values..so bankers will dried up..leading to mergers and take overs of bankings..by govt..similar to US.once real estate...collapsed..steel and cement, will be slowed..leading to more job cuts.due to lack of demand for vehicles..auto industry will slow down.. again frsh job cuts. no more flight travels or hotel bookings as well as..travel plans...so tourism ..industry will be down.so more job cuts among them..as well.
its impact...on stock market..IS SIGNIFICANT.satyam stock has collapsed like there is no tomorrow. it even priced 6rs from 256 rs price three weeks back.now many investers lost their money. all other.. index shares are also effected with it..as you can see the above industries are going to be worst affected.so stock market is down as well.
i am not discussing why and what happened to ramalinga raju or satyam..but our society will alow such things to make things for our selves to be more complicated. the satyam shock came at a worst period..when economic..recession..is full blown out side india and in the world. india some how managed to keep its head...out side till now. now there is no escape...we have sunk deep into it.its not a bright start this year.
i hope all my worries and thoughts will only remain like that..and dont..be true. god bless india
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