October 9, 2012 by Zafar Anjum
Satyam’s near collapse in 2009 was a nightmare. It was the biggest corporate fraud in Indian history. When the story broke with Satyam’s chairman B. Ramalinga Raju writing a letter to the authorities confessing his crime, it shook India and shocked everyone abroad who sang praises of India’s thriving IT industry.
By the time Satyam was rescued by the Government of India and was auctioned off to the Mahindra Group, media interest had begun to wane in the company. But the story had not ended. Satyam had survived. Now, the question was: will it succeed despite the taint of fraud? Will it recapture its past glory? Will its new leaders usher the IT company to a new future? And how will its thousands of employees all across the world deal with the scars the scandal had left on their hearts and minds?
This book tells the story of what happened at Satyam between then and now. This is the story of Satyam’s revival. This book tells the Satyam story from the moment the crisis unfolded to the present day when the company has settled all its legal battles and is back in the black and is charting a new course for itself. This is the story of the Spirit of Satyam that every Indian should be proud of.
The story of Satyam has been told like a film—with Raju’s confession as the inciting incident in Act One, followed by Satyam’s rescue in Act 2 and its stabilisation and merger with Tech Mahindra in Act Three.
Based on extensive research and interviews with Satyam’s employees from different levels, this is the definitive story of Satyam’s journey from its darkness of shame to its re-emergence as the dark horse of the Indian IT sector.