Ban Retrenchments in Satyam

The recent developments in Satyam have come as a bolt from the blue for IT professionals. For India Inc, which is already suffering from the effects of the global financial crisis, these developments have, in a sense, added salt to the injury. The Government's intervention by way of scrapping the existing Board of Directors of Satyam and setting up a new Board was necessary but is definitely not sufficient to term it as a solution. Our fellow professionals in Satyam have been antagonized for varied reasons. ForIT condemns the action of banks which have reduced the credit limit of Satyam employees to a mere Rs 3000.

The new Board has asserted that it will win over and ensure the current clientиle of Satyam continues for stability. We urge upon the government to further intervene in protecting the jobs of over 53000 IT professionals who are suffering for no sin of theirs. The government should instruct all associated entities like the banks to stop such practices and make sure that the banks retract on their acts. The Government should also ensure that the middle and low profile investors are saved from this turmoil.

We, the undersigned IT professionals, seek your intervention to announce a ban on the retrenchment of any professional from Satyam in the given situation. The Government should also monitor each and every decision taken by the new Board.

(Details: www.forit.in)