Satyam's Murty gives pep talk to employees

AS Murty, who has been associated with Satyam for 15 years and served as its chief delivery officer before being named CEO, said that he would work with the board and special advisers to design a plan that will address stakeholders interests within 30, 60 or 90 days.
"I have no misgivings about the enormity of the task infront of us, but together with my colleagues, I am confident that we can accomplish the impossible," he said in a webcast to the employees of the IT company that was last month swept by a massive accounting fraud.
Satyam founder Ramalinga Raju, who is now in jail pending trial, on January 7 disclosed that he had falsified profits for years and cooked up assets.
"We will chart a precise and practical 30-60-90 day plan that will encompass and address the interests of all stakeholders. We will work together with our board, our special advisers, and the Boston Consulting Group to achieve this by next week," Murty said.
Salary to the staff is among the top priorities, he said. "Infusion of the funds comes at a right time and is likely to help Satyam tide over the present financial crisis. The company reiterated that the salaries for January and the fortnightly salary for February have been met from its internal accruals," Murty said.
Yesterday, Satyam said it has secured bank loans of Rs 600 crore.
"It is true that we have suffered a blow. The company is down but not out and we have demonstrated our resolve to the market very clearly," Murty said, adding that in the last two weeks, "we have stabilised the organization with regard to payroll."
On customers, he said although a few may have left, the company was in the process of turning an important corner and beginning anew.
"Our ability to withstand the challenges since January 7 has been deeply inspiring to me and made me determined to ensure that Satyam withstands the shocks it has been subjected to, to emerge through this baptism by fire," he said.
"We are moving in the right direction... This critical internal project... to restore Satyam to its market leadership position will be our greatest example of 'Business Transformation. Together.' And for this each one of us can and will make a difference," Murty said.