Yesterday when I met Vishal Dev in IDCO, he asked me what is happening at Satyam. When I came home for lunch and switched on the TV, I realized what he meant. Satyam has committed the biggest Enron style fraud in the recent history. Ramalinga Raju has resigned as the chairman of Satyam.
Software Services Companies always (I think justifiabily) rode the moral high horse: no corruption, no frauds, no scams. This was possible as they did their business abroad.
They grew at breakneck speed. Look at the number of people working in TCS, Infosys, Wipro. The tyrnover, the profits grew at amazing rates for decades. The shareholders, the employees and others benefitted most and expected the companies to perform like this eternally.
How do you meet such high expectations? Satyam found the answer in cooking the account books. I hope that other companies are finding more ligitimate means.
Institute like ours focus on technology educations. I think time has now arrived to expose the students to the other side of technology: moral and ethical business practices, corporate governance. I hope that the future curriculum will educate the students to be good corporate citizens.