Around 2,000 employees of Satyam Computers resigned on Wednesday after its chairman B. Ramalinga Raju admitted to fraud of over Rs 7,000 crores. Many more are expected to follow. Company sources said most had already got job offers. “Most have joined the clients for whom they were working," the source said. “These companies are more than willing to take them to cut their outsourcing burden.” Some reports said as many as 10,000 employees had quit the company overall, and its staff strength was now at about 43,000. This could not be immediately confirmed.
The company’s offices in Hyderabad wore a deserted look as staffers stayed inside.
The outgoing Satyam Computers chairman, Mr Ramalinga Raju, and his colleagues may face a four-cornered inquiry for the fraud of over Rs 5,000 crore. As per the law, Mr Raju will have to undergo a jail term of 10 years and will have to pay 500 times the amount as penalty if the charges are proved under Section 45 of the Securities and Exchange Board of India Act.
The outgoing Satyam Computers chairman, Mr Ramalinga Raju, and his colleagues may face a four-cornered inquiry for the fraud of over Rs 5,000 crore. As per the law, Mr Raju will have to undergo a jail term of 10 years and will have to pay 500 times the amount as penalty if the charges are proved under Section 45 of the Securities and Exchange Board of India Act.
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