Here is an article in Economictimes.com news parer published dated on 8th Apr,09.
It has proved that IT Associates forming a Union to protect themselves from exploitation by companies in various forms will prove to be very successful..
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IT workers’ union wants EC to freeze Satyam sale
Our Bureau HYDERABAD
A UNION of information technology workers, Unites, has asked India’s Election Commission to intervene and shelve Satyam’s sale process until a new government takes over and current investigations by the CBI reaches a conclusion. The union has cited the scandal-hit company’s legal liabilities and other ambiguities as deterrents for any potential bidder to carry an effective due diligence functions. The government-appointed board is expected to announce a new Satyam owner by this month. Unites has also alleged that the authorities are in a ‘hurry’ to sell Satyam. “We feel the EC has every right to examine the whole move to get competitive bidding to buy Satyam’s 51% share, as the whole liability running into billions of dollars will eventually fall on the taxpayers of India,” Karthik Shekhar, Unite’s general secretary said in his letter to N Gopalaswami, the chief election commissioner of India. Over 2,000 Satyam employees have registered with Unites India ever since the Satyam scandal was reported few months ago. “On the liability front at least 13 class action lawsuits are already in US Courts, and the liability could easily exceed $900 million,” Unite said in its letter to Mr Gopalaswami, a copy of which was shown to ET on Tuesday. Satyam’s fixed assets are valued by the government appointed board at around Rs 1,800 crore.
Our Bureau HYDERABAD
A UNION of information technology workers, Unites, has asked India’s Election Commission to intervene and shelve Satyam’s sale process until a new government takes over and current investigations by the CBI reaches a conclusion. The union has cited the scandal-hit company’s legal liabilities and other ambiguities as deterrents for any potential bidder to carry an effective due diligence functions. The government-appointed board is expected to announce a new Satyam owner by this month. Unites has also alleged that the authorities are in a ‘hurry’ to sell Satyam. “We feel the EC has every right to examine the whole move to get competitive bidding to buy Satyam’s 51% share, as the whole liability running into billions of dollars will eventually fall on the taxpayers of India,” Karthik Shekhar, Unite’s general secretary said in his letter to N Gopalaswami, the chief election commissioner of India. Over 2,000 Satyam employees have registered with Unites India ever since the Satyam scandal was reported few months ago. “On the liability front at least 13 class action lawsuits are already in US Courts, and the liability could easily exceed $900 million,” Unite said in its letter to Mr Gopalaswami, a copy of which was shown to ET on Tuesday. Satyam’s fixed assets are valued by the government appointed board at around Rs 1,800 crore.
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