Satyam campus recruits fear uncertainty over their jobs

January 28th, 2009 - 9:55 pm ICT by ANI  

Ramalinga Raju

Hyderabad, Jan. 28 (ANI): The campus recruits of Satyam Computer Services Ltd., fearing that the fraud-hit company would not honour their offer letters, staged protest against the company here on Wednesday.
The fraud-hit Satyam has has hogged headlines since the first week of January after its founder Ramalinga Raju resigned as chairman, while admitting that companys profits had been inflated for years, and that the one billion dollars in cash mentioned in the account books did not exist.
The present employees and those expecting to be on Satyam’’s pay rolls soon, are finding it hard to survive in the prevailing battle.
Many of the protesting recruits complained that they had taken educational loans which they expected to repay with the ”nice package” that Satyam had offered. But today, they are at cross roads and had already rejected other ‘’smaller” companies.
Others who were supposed to be recruited in June 2008 itself said that these recent developments have put their future in the dark.
“It’’s a hopeless condition, where we cannot try out another company also, we have gathered here to raise a protest, its not a protest like actually, we are here to ask whether we are going to get joining in the future,” said Shravanya, one of the campus recruits of Satyam Computer Services.
Questions are being raised over the ability of the company to pay the current salaries as well. But the board said January salaries would be paid as scheduled from internal accruals and receivables. The proposed management structure would be released during this week.
On Tuesday, Satyam Computer Services named a management adviser and investment bankers to help revive its fortunes and said it would pay January salaries on time.
Pricewaterhouse Coopers (PwC), the company of auditors for Satyam Computers Services Limited has been widely criticized for overlooking the manipulations. Two of the auditors have been slapped with charges of cheating, forgery, criminal breach of trust and criminal conspiracy under the Indian Penal Code.
On Wednesday, a Hyderabad court rejected the bail petitions of Raju and former chief financial officer Vadlamani. The duo is in the judicial custody. (ANI)

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