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The Satyam saga
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The Satyam saga

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  • 1. THE SATYAM SAGA…..
  • 2. SATYAM Achievements #2 BPO Global Ranking- Brown Wilson Group’s 2008 Black Book of Outsourcing UK Trade & Investment India (UKTI) Business Award for corporate social responsibility Golden Peacock Global Award for Excellence in Corporate Governance # 1 in the ASTD (American Society for Training and Development) BEST Award, 2007
  • 3. SATYAM The story begins…..
  • 4. SATYAM timeline..
    • 1987
    • Incorporated as private limited company
  • 5. SATYAM timeline….
    • 1991
    • Offshore software project with John Deere & Co.—Satyam’s first Fortune 500 customer—announced
    • Recognized as a public limited company; debuts on the Bombay Stock Exchange (BSE)
    • IPO oversubscribed by 17 times
  • 6. SATYAM timeline……
    • 1993
    • Satyam signs joint venture with Dun & Bradstreet for IT Services
    • Awarded ISO 9001 Certification
    • Satyam Technology Center (STC) inaugurated
    • Joint venture with GE announced
  • 7. SATYAM timeline…….
    • 1999
    • Assessed at SEI CMM® Level 5
    • Satyam Infoway (Sify) becomes the first Indian Internet company listed on NASDAQ
    • Satyam forms joint venture with TRW Inc.
    • Presence established in 30 countries
  • 8. SATYAM timeline……..
    • 2000
    • Associate count reaches 10,000
    • Satyam receives National HRD Award from Indian government
    • Dataquest names Ramalinga Raju "IT Man of the Year"
  • 9. SATYAM timeline……..
    • 2001
    • Satyam becomes world’s first ISO 9001:2000 company to be certified by BVQI
    • Listed on the NYSE (SAY)
    • APAC headquarters established in Singapore
  • 10. SATYAM timeline…..
    • 2002
    • Satyam BPO launched in Hyderabad
    • First Customer Summit conducted
  • 11. SATYAM timeline……..
    • 2005
    • FLC framework launched across the entire organization
    • Largest global development center outside India (in Melbourne) begins operation
    • Citisoft and Knowledge Dynamics acquired
  • 12. SATYAM timeline……
    • 2006
    • Revenue exceeds US$1 billion
    • Sets up the first “Global Innovation Hub” in Singapore
    • Sets up operations in Guangzhou, China
  • 13. SATYAM timeline…..
    • 2007
    • Becomes the Official IT Services Provider for the FIFA World Cups, 2010 (South Africa) and 2014 (Brazil)
    • Announces acquisition of UK-based Nitor Global Solutions Limited
    • B. Ramalinga Raju, founder and chairman of Satyam, was named the "Ernst & Young Entrepreneur of the Year “
    • Opens Global Development Center (GDC) in Malaysia
    • Opens Development Center in Vizag, India
    • Becomes the first Asian company to feature in the Training Magazine’s list of Top 125 companies for learning
  • 14. SATYAM timeline………
    • 2008
    • Revenue crosses US $ 2-billion mark
    • Adopts new tagline “Business Transformation. Together.”
    • Enters agreement to acquire S&V Management Consultants, a Ghent, Belgium-based supply chain management (SCM) consulting firm
    • Agrees to acquire Caterpillar’s market research and customer analytics (MR&CA) operations
    • Becomes the first company to launch a secondary listing on Euronext Amsterdam under NYSE Euronext’s new  “Fast Path” process for cross listings in New York and Europe
    • Becomes the first company to be invited by the National Stock Exchange (NSE) to ring the opening bell
    • Enters into a definitive agreement to acquire Chicago-based Bridge Strategy Group
  • 15. SATYAM timeline………. 2008 cont. December 16, 2008: Satyam Board of Directors has approve proposals to acquire a 100% stake in Maytas Properties and a 51% share in Maytas Infra. Software AG has awarded Satyam the Innovation Award for Partner Excellence at the recently concluded “ Innovation World 2008 ” in Miami, FL for delivering significant “Business Value” as well as “technologically superior” solutions, second year in a row .
  • 16. SATYAM timeline…….. 2008 cont. December 29, 2008: Resignation of directors starts… Prof. Krishna G Palepu, Non-Executive Director and Mr. Vinod K Dham, Non-Executive & Independent Director resign from the board. Dec 17, 2008: Maytas Deal cancelled…
  • 17. SATYAM timeline……… 2009 arrives with a shocking revelation…. Jan 7, 2009: Satyam receives letter from chairman tendering resignation and detailing financial irregularities.
  • 18. Content of the Chairman’s letter…….. Dear Board Members, It is with deep regret and tremendous burden that I am carrying on my conscience, that I would like to bring the following facts to your notice: 1. The Balance Sheet carries as of September 30, 2008 a.Inflataed (non-existent) cash and bank balances of Rs 5,040 crore (as against Rs 5361 crore reflected in the books) b.An accrued interest of Rs 376 crore which is non-existent c.An understated liability of Rs 1,230 crore on account of funds arranged by me d.An over stated debtors position of Rs 490 crore (as against Rs 2,651 reflected in the books) 2. For the September quarter (Q2) we reported a revenue of Rs 2,700 crore and an operating margin of Rs 649 crore (24 per cent of revenues) as against the actual revenues of Rs 2,112 crore and an actual operating margin of Rs 61 crore (three per cent of revenues). This has resulted in artificial cash and bank balances going up by Rs 588 crore in Q2 alone. URL.. http://www.newkerala.com/topstory-fullnews-70676.html
  • 19. And the saga continues….
    • Top Leaders Commit To Stay Despite Disclosures By Founder on Financial Irregularities
    • Satyam’s Top Leaders Announce Action Plan Focusing on Business Continuity, Corporate Transparency and Leadership Transition for Board and Management Satyam’s
    • Satyam Welcomes Government’s Move to Appoint Directors
    • Get latest Satyam updates from http://www.satyam.com/media/index.asp
  • 20. Information Source for the slideshow… http://www.satyam.com