Satyam Saga: Well done

The world economy is going through one of the worst phases in its history probably as bad as the great depression, 1929. Governments around the world are scratching their heads and coming up with various plans to put the economy back on track. General Motors, Goldman Sachs, Chrysler and many others, the blue chips are in dumps. News of quick bankruptcy of General Motors and the US government's every effort to revive the sinking corporate giants have become part of daily lives. Other countries are also not far behind be it China, India or European countries. Amidst all the gloom, yesterday Tech Mahindra's win of Satyam marks an end to one of the most professionally run effort of a government aided by 3 most sincere and honest professionals to resurrect the hopes of a symbol of Indian success. Satyam was and will remain one of the names which symbolizes the "India arrived" story.

So when Mr. Raju's tryst with money and lust came to light, everyone was shocked. How come!!!!!! Every Indian wished it should not have happened, how can such a respected and appreciated entrepreneur can do something like this? The reputation of not only IT industry but that of India was at stake. I don’t know about others, but I have received sleazy comments by some foreign nationals equating every Indian IT company to Satyam. There was a big risk of losing the transparency and fairness associated with corporate governance of Indian companies. But the way, everybody involved, has managed the process of taking Satyam to this stage is commendable. The government appointed board, the appointment of new auditors, appointment of interim CEO Mr. Murthy, swift action on PwC involved artists and transparent bidding process for Satyam are signs of a very professional and smart handling of this dangerous situation. Now hopefully,Tech Mahindra will ensure that this sorry episode is erased from the Indian corporate map forever.

Kudos to everyone involved.

Cheers