The Tech Phoenix Satyam's 100-Day Turnaround
Author: T. N. Manoharan And V. Pattabhi Ram
‘This book is a must-read for all those interested in corporate governance, whether practitioners, academics, students or policymakers.’ —Kiran Karnik
On the morning of 7 January 2009, India and the global IT community watched in horror as a letter written by the chairman of Satyam Computers, B. Ramalinga Raju, flashed on all news channels.
The tech czar confessed to fixing the books for years together, audits notwithstanding. This led to a host of consequences—Satyam stock prices crashed, its large employee base was deeply affected, and most importantly, India’s reputation as a premier IT service provider was sullied.
However, the story does not end there. In fact, The Tech Phoenix: Satyam’s 100-Day Turnaround only begins at this point. The government swiftly stepped in and nominated a board, with leading figures from various fields. T.N. Manoharan, one of these board members, narrates the events of the tumultuous 100 days immediately following Raju’s letter, in what is the fastest turnaround in corporate history.
This remarkable corporate rescue operation is an engrossing story that culminates in the selection of an investor who infuses capital and takes control. It offers an insider’s account of the detailed planning and dedication that resurrected a fallen but storied company, and the lessons learnt in the process of protecting the interests of the stakeholders—employees, investors and customers—and redeeming India’s global image.