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Indian Software Giant's Fall May Leave Thousands of Employees in Tailspin

Times of India, news report, Posted: Jan 08, 2009

Satyam, the Indian company at the center of India's biggest financial scandal, might have to lay off over 10,000 employees next month reports The Times of India. The company, which has 53,000 employees, has no cash left for salaries says Kris Lakshminath, the India CEO of Headhunters firm. Satyam's interim CEO said the company has taken care of salary needs for December. But Lakshmikanth said by Wednesday afternoon 14,000 employees of Satyam had posted their resumes on job sites. Satyam Computers, which won a top award for corporate governance as late as 2008 now is being billed as India's Enron after its chairman confessed that the books had been cooked for years to inflate profit and revenue figures. The software companies stocks fell 91%, the SENSEX stock exchange tumbled and the rupee fell even as the New York Stock Exchange placed a trading bar on the firm. The Indian market buffeted by the Mumbai terror strike sees the fall of Satyam as a big blow to India's image as a place for overseas investment.

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