Satyam staff mantra: united we stand

Satyam staff mantra: united we stand
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First Published: Fri, Jan 09 2009. 11 26 AM IST

Satyam staff — palms coloured after making a handprint banner — shout slogans expressing solidarity with their company in Hyderabad on Thursday. (AFP photo)
Satyam staff — palms coloured after making a handprint banner — shout slogans expressing solidarity with their company in Hyderabad on Thursday. (AFP photo)
Updated: Fri, Jan 09 2009. 11 26 AM IST
With a big question mark on its cash position and a minimum outgo on salary estimated at Rs500 crore a month, Satyam may lay off over 10,000 employees next month, says a recruitment firm.
Satyam staff — palms coloured after making a handprint banner — shout slogans expressing solidarity with their company in Hyderabad on Thursday. (AFP photo)
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“It is most likely that Satyam will cut 10,000 jobs next month as the company is left with no cash to pay the salaries. The current fiasco is likely to put pressure on salaries, which may reduce by 10% due to the surplus of about 20,000 people in the jobs market,” Headhunters India CEO Kris Lakshmikanth said.
Satyam employees react as they prepare to stamp their palm marks in different colours on a large poster, unseen, to express support to the firm in Hyderabad on Thursday. (AP photo)
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Satyam interim CEO Ram Mynampati while admitting that the cash position is not encouraging, the company, however, has taken care of salary for December.
Satyam employees stamp their palm marks in different colours at a poster to express the spirit and unity at Satyam Infocity in Hyderabad on Thursday. (PTI photo)
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Lakshmikanth said till Tuesday evening there were about 7,800 people from Satyam who had posted their resumes on job sites and by Wednesday afternoon, it has gone up to 14,000.
The uncertainty about jobs is killingly painful for the 53,000 employees of Satyam, especially when the industry is going slow on recruitment.
A Satyam staff stamps his palm print onto a large poster to express support for the company in Hyderabad on Thursday. (AP Photo)
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Further, possibility of a takeover too looks distant as the accounting fraud done by the company would make it difficult for any firm to evaluate its correct market value, which is compounding the worries of the employees.
Secrity guards stand as employees come out of the office of the Satyam Computer Services Ltd in Hyderabad on Thursday. (AP photo)
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IT-BPO union Unites Professionals general secretary Karthik Shekhar said, “In case of any lay off at Satyam, we may take legal action.”
An employee speaks on her mobile phone as she comes out from the head office of Satyam Computer Services in Hyderabad on Wednesday. (Reuters photo)
“We have received over 7,000 hits since the news break. On Thursday, in one hour we have seen over 800 hits (no of people visiting the site) from Hyderabad. People have been enquiries on how the union can help them,” Shekhar added.
(Text: PTI)
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First Published: Fri, Jan 09 2009. 11 26 AM IST