Probably this news is already spread worldwide. I somehow got hooked on this news and tried to read as much as I can about it. Chronology of event:
1. In December, Satyam (IT company) try to buy Maytas (construction company)
2. Maytas is owned by Raju family which own Satyam. Maytas is Satyam spelled backward.
3. Institution investor cried fouled because they think Raju is using Satyam cash cow to buy up Matyas. So buy out failed.
4. In January, Raju said he cheat in accounting. Satyam actually don't have such cash. The reason he want to buy Maytas so that the non-exist money (USD1 billion) change from Satyam to Maytas.
This news crashed Sensex Stock Exchange. It drop almost 8%. While Satyam and Maytas stock price plunge 80%.
Currently, Satyam has 53,000 employees. Some said that this number is inflated too. Malaysia also will be affected. Satyam have presence in Cyberjaya and also bought over Motorola software.
http://www.satyam.com/malaysia_gdc/Already Satyam have bad names in Lowyat.net:
http://forum.lowyat.net/topic/441164/+320Good luck to the employees of Satyam. I heard that the employees are well trained.
Well, they can always go to Infosys. Infosys is no.1 in India. Now they can take over Satyam
business if their customer decided to run.
