Just done with the reading of headlines at Economictimes and there was something which has compelled me to write this blog. ‘Satyam Fiasco’ was the heading given, and there were couple of articles right from corporate governance to company’s investment strategy to company’s board members and prmotoers outlook. It was good read, though i would not agree to many of the points, or say that i have a different outlook.

Honestly, the recent turn of events have not been good; be it getting banned from World Bank or buy-back plans of sister concerns, Maytas Properties or Maytas Infra and then its abortion, and then resignation of one or as people say first board members. Satyam has already been in trouble over a leagal case with UK based UPaid and as reported, if the case does go against Satyam then it would be in deep trouble.

Being a Satyam employee, these news obviously interest me more than usual items and i am also concerned but definitely not very happy, the way Media has put reported the case. Guess, things have been made hyper and are presented in more bad shape then they really are.

Coming to Maytas deal and then the decision to take that back. Raju, one of the biggest industrialist of the nation is trying to promote his other family venture, put this forward as part of diversification strategy to all the employees and shareholders. Where’s the wrong in it? I understand that in this time of recession, putting this big cash deal might deprive Satyam from it’s huge built up cash pile and company can’t afford this. The same thing has been told by the promoters and company, respecting their views have taken back the decision. Why is this all the fuss and post-mortem of the things.

Journalists say after their analysis that it was plain case of family promotion. I say there is no analysis needed for this. It was. The recent events in Real Estate have been much worse than IT and Maytas shares have suffered around 50% fallback since a year time. But was it the first time in Indian history when such attempt has been made? Our whole india is a family run country. Check from 10, Janpath to your neighbourhood, every father is trying to promote his son with all his worth. Our politicians, our  Businessmen, our spoprts person, it’s like family affair. From Nehru to Rahul’s sons, they would be in Congress and would in Politics. From Jamsetji to Ratan Tata, Tatas have been doing great to serve the country. There are thousands of family lineages who have been serving in Indian army and are proud of that.  India is developing big but is still developing and it might take long time to have professional setup built in the country. Unlike Steve Jobs case, you can’t move the founder out of the company here.

Enough of examples! Its plain affair that Maytas need funds for its grand metro project in Hyderabad and which is very difficult to have in this bad time for real estate. Between, Maytas in well established name in Indian real-estate after giants like DLF and Unitech. Almost all the rocky area os Hyderabad, perhaps the future-biggest city of India is occupied by it and they are ambitious to acquire more which sometimes is seen as hungry corporate India to win over the world. Raju has his vision of promoting the project of Maytas which further de-risk the IT business of the the firm and after it has not gone well with the promoters, has taken it back. Media is proposing hostile take-over (not sure, how reliable the news is !) and such other stupid stuff.  Raju has been a responsible entrepreneur, have been several NGOs which are doing great job in serving the society. He is not the one seen on television channels everyday and providing his opinion on all the national aspects right from terrorism to politics like other Comapny’s top notch management. He knows to do Business and there are couple of things which go wrong but how do you present it to the world and to the common person that rests with Media. This time, we need more responsible media who should be involved into serious journalism and stop finding sensation on every action of corporates. Don’t forget that these are the few coporates who have made India what it is ? You can say that india confidence and IT uprising coming hand in hand have been a coincidence, i don’t think so !