The Hindu : Andhra Pradesh / Hyderabad News : ‘Virtual pool policy’ of Satyam flayed

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Sunday, Jun 14, 2009
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Andhra Pradesh

Andhra Pradesh - Hyderabad

‘Virtual pool policy’ of Satyam flayed

Special Correspondent

HYDERABAD: The Forum of IT Professionals has criticised the ‘Virtual pool policy’ of Satyam Computer Services and said it was contrary to the assurances given by the Prime Minister about protecting the interests of the company and its workforce.

Y. K. Chandra of the forum said, it was evident that the associates were being made scapegoats in the name of protecting the company.

The recent third quarter results revealed that the company made a profit of Rs.160 crore even after the turbulence it had gone through.

Investors too reacted to the recent results with enthusiasm causing the Satyam stock to hit the upper circuit filter on the Bombay Stock Exchange.

Committed workforce

One should also remember that Satyam received new business orders worth $380 million (Rs.1,800 crore), he added.

He said the good performance of the company was only because of its committed workforce.

A ‘Satyamite’ might not honour his other commitments like housing loan, insurance, health policies and education loans with a slashed pay packet.

Besides, for every job in IT, two-and-a-half jobs were created in the other dependent sectors and the Satyam management’s decision would have a direct adverse impact on the lives of 25,000-odd employed in the allied sectors.

The Forum urged the management not to take opportunistic decisions and demanded the government implement its assurances of protecting the company and the workforce. If necessary, the government should provide alternative employment to each employee and prevent an unrest.

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