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Satyam banned from World Bank. What else can Satyam do?

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I am really sorry folks about the overdose of Satyam. But, I couldn’t resist this. I am suffering from verbal diarrhea when it comes to Satyam. Since, no body listens to me I am putting this down.

This is not an attempt to malign Satyam’s reputation nor is this a false news. I couldn’t make this up.This is coming from PTI. Satyam is banned from doing business with World Bank for 8 years. Reason : Data theft.

Sounds like I am becoming a blogger or an anti-blogger for Satyam but the news in the past two weeks has disturbed me a lot. First it was the Satyam-Maytas fiasco. Now, the ban from World Bank.

Though this news is 2 months old, World Bank made it public only yesterday. Few contractors from Satyam working onshore at the World Bank office has installed spy software which transmits data back to a central location in India. The data sent back is crucial economic information of almost all the countries in the world.

If it was a unauthorized software, then I can understand that the contractor has done it. But spy ware which is sending data back to India? I don’t know what else to say. This could be or could not be the fault of Satyam but the image is tarnished forever. Not that of Satyam but of India Inc.

Satyam is stuck in a whirlpool with no respite. It has dragged India Inc along with it. The Maytas deal made the foreign investors to re-think about their investments in family owned businesses. The key-logger incident would immediately disqualify any Indian vendors for high-security projects. Could it get any worse?

It took 20 odd years to build an image of the company and India Inc. It only took a fortnight to dump it. Credibility is such a strange thing.

Could this be the vaastu of Ramalinga Raju’s office?

  1. Perot Employee says

    I know this guy asava. This is not suprising at all – squirrely character

  2. Ritesh says

    I totally agree with every one of you but did any one expect that after such news whn the stock price was hit to 110 which was 52 week low.. the stock has started moving and within a weeks time it has reached rs170 back again.. can any one explain me whats the game in this?

  3. Venky says

    Requesting all the Software guys to express your view on joining or working with Satyam?

    Participate in the poll after reading the Facts about Satyam – India’s No. 4 software services exporter

  4. Deepa says

    Let us hear from the employees of Satyam on the company’s reputation here at https://www.idntiti.com/inviteEntity.idn?iea=5&entityId=822&entityType=2

  5. Rituraj says

    “Few contractors from Satyam working onshore at the World Bank office has installed spy software which transmits data back to a central location in India.”

    Please read the World Bank Group Statement on Debarment of Satyam, posted here:
    http://mybizview.blogspot.com/2008/12/rumour-or-satyam-hindi-truth.html

    It clearly says that Satyam was not involved in malicious attacks on the Bank’s information systems

  6. Ankit says

    I partly agree with Rocky on other companies winning the race from satyam.
    But,what about India as a whole.Clients from abroad are going to get very skeptical with how much of work to outsource to India incase they think that they can be the next world bank type customer where there data is being swept off their very nosess.
    Satyam fiasco might bring a sorry picture for Indian IT industry in a long term

  7. Ankit says

    Hmmm…I am sure if satyam already dint have engh mess to take care of, they would have surely askd you to stop talking bout them, cos given the conditions, even talkin about Satyam passes as mailging them .lol

    This world bank data theft news was up and running in the IT industry and our clients had also beefed up their data access to ensure it doesn happen with them.

    With Satyam,one is bound to think “Vinashkale viprete buddhi”:-)

  8. Gopinath Mavinkurve says

    Satyam’s attempt to wipe out the cash sitting in their books has shocked the small investors and have shaken the confidence of one and all. Do read my post on this subject here:-

    http://whatnonsanz.blogspot.com/2008/12/satyam-about-monkey-attack.html

  9. Venky says

    It is unfair to blame Raju and family for the World Bank fiasco.

    This fraud was designed and executed by Ram Mynampati and his direct report Raj Asava. Several other senior executives like T. Hari, Prabhat and Shailesh Shah were active and willing participants who did not take any action when apprised of this. More stunning facts about World Bank and other international clients remain unrevealed.

    Many of these executives have now left the firm after benefiting handsomely. Where is the simple due diligence and investigative journalism in India? Emails confirming the above are available from former Satyamites.

  10. Rockey Nebhwani says

    I agree that this incidence will be in the back of client’s mind when it comes to high security projects but with this incident in some cases other Indian IT vendors will get benefited as they have already beaten Satyam without doing anything. In pursuits where they are competing with Satyam they will have a lead compared to Satyam because of these two incidences.

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