There is no business like, well, no business. Barely a week after India’s fourth largest IT company, Satyam Computer Services, was savaged by a Rs 7,000 crore fraud, the word in Delhi is that the Congress-led United Progressive Alliance (UPA) government is planning a Rs 2,000 crore package to rescue the company.
The rationale is that Satyam does not have money to pay its 53,000 employees and the government—since it has taken on the task of bringing the company back on track by appointing a new board, etc—has to step in, especially with the software sector’s, and India Inc’s, reputation being at stake.
Is this a good move? Or is this an election stunt? Will it help Satyam or hurt it? Is the Congress trying to project itself as the saviour of IT employees across the nation? Or is this an appropriate move, given the number of dependent lives and livelihoods? Will a company specific bailout package set a poor precedent?
Sign the online petition: “Ban Retrenchments in Satyam”
Link via Jaykumar H.S.