Attrition rates in Satyam not alarming: chairman

Attrition rates in Satyam not alarming: chairman
PTI
Comment E-mail Print Share
First Published: Sun, Mar 22 2009. 10 40 AM IST
Updated: Sun, Mar 22 2009. 10 40 AM IST
Mumbai: Beleaguered IT firm Satyam Computer has not seen an alarming attrition level, despite the prevailing situation, the company’s chairman has said.
“We do not have any alarming attrition level in the company,” Satyam Chairman and former Nasscom chief Kiran Karnik said.
Media reports recently said that the Hyderabad-based IT major, in the middle of a crisis, lost nearly 3,500 of its staff in the last one month on account of the uncertainty surrounding its future.
“What we see here is normal attrition. In an organisation, which has around 50,000 employees, this is normal,” Karnik said.
The comment assumes significance as Satyam’s suitors, including engineering giant Larsen & Toubro, Tech Mahindra and the B K Modi-led Spice Group have asked for client and employee details of the firm, prior to finalising their bids for a majority stake in the company.
The Board had given time till 20 March to the interested parties to submit their bids for acquiring a 51% stake in the company along with proof of Rs1,500-crore cash.
Following which, Larsen & Toubro, Spice Corp and Tech Mahindra had submitted expressions of interest to acquire control of fraud-hit Satyam Computers.
Comment E-mail Print Share
First Published: Sun, Mar 22 2009. 10 40 AM IST
More Topics: Satyam | Attrition | Fraud | Investigation | Corporate |