Today's revelations of the Chairman of Satyam Computer Services Limited have come as a grave shock to everybody in the country. We, in Andhra Pradesh State, are particularly disturbed as the headquarters of the company is in Hyderabad with many operational facilities spread across the State.
While I have no doubt in my mind that Law will take its own course, our major and immediate concern is about the fate of 53,000 employees of the company. As you may be aware, majority of the clients / customers of the company are Fortune 500 companies, who will be averse to do business with companies having fraudulent managements and they will have every right to cancel the existing contracts, which will jeopardize the interests of the employees and innocent shareholders.
I, therefore, urge you to kindly constitute a management team with immediate effect comprising of personalities of globally known integrity and competence viz., Sri Azim Premji, Sri Narayana Murthy and Sri Ramadorai to manage affairs of the company to restore the confidence of the global customers in its business continuity, so that the interests of the employees and other stakeholders are protected till an alternative credible management is put in place for the company.
Yours sincerely,
(Dr.Y.S.RAJASEKHARA REDDY)
Dr. Manmohan Singh,
Prime Minister of India,
New Delhi.
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The above letter was also sent to:
Sri P.Chidambaram, Union Home Minister, Sri Montek Singh Ahluwalia,
Deputy Chairman, Planning Commission and Sri Prem Chand Gupta, Union
Minister for Company Affairs.
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