YSR urges PM to form team to manage Satyam affairs

January 7th, 2009 - 11:52 pm ICT by IANS  

Manmohan SinghHyderabad, Jan 7 (IANS) Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy Wednesday urged Prime Minister Manmohan Singh to constitute a management team to run the affairs of crisis-ridden Satyam Computers to restore the confidence of global customers.Voicing concern over the financial fraud in the company, the chief minister called for steps to protect the interests of shareholders and employees.

YSR, as the chief minister is popularly known by his initials, suggested that the management team be comprised of “personalities of globally known integrity and competence like Azim Premji, Narayana Murthy and Ramadorai”.

“This is necessary to manage affairs of the company to restore the confidence of the global customers in its business continuity, so that the interests of the employees and other stakeholders are protected till an alternative credible management is put in place for the company,” the chief minister wrote to the prime minister.

The copies of the letter were also sent to Home Minister P. Chidambaram, Planning Commission Deputy Chairman Montek Singh Ahluwalia and Company Affairs Minister Prem Chand Gupta.

“Today’s revelations of the chairman of Satyam Computer Services Limited (B. Ramalinga Raju) have come as a grave shock to everybody in the country. We, in Andhra Pradesh state, are particularly disturbed as the headquarters of the company is in Hyderabad with many operational facilities spread across the state,” said the letter, the copy of which was released here in the evening from the Chief Minister’s Office.

“While I have no doubt in my mind that law will take its own course, our major and immediate concern is about the fate of 53,000 employees of the company. As you may be aware, majority of the clients/customers of the company are Fortune 500 companies, who will be averse to do business with companies having fraudulent managements and they will have every right to cancel the existing contracts, which will jeopardise the interests of the employees and innocent shareholders.”

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