dear omkar
This is exactly, what i was communicating in my earlier message. One satyam episode will have its serious impact on other genuine players. My views are :
1. To bring the credibility across the globe, the regulatory authorities should take tough measures. World should not see India as a soft state for such financial scams. Earlier during early 1990s, Harshad Metha scam brought lot of dislocations. Many tough measures were initiated. Here PR cannot play a role. Only we can ensure that public opinion gets generated through media.
2. Generally, though corporate governance is in place, it remains as only a dummy. The concept of Independent Directors was brought in to have a third party check on the governance. ( I am also in the panel of eligible directors after undergoing a training). Thought it was started with good intention, most of the companies started placing their own 'binamis' in the board as Independent directors. SEBI also did not take seriously such violations. They were happy with some paper confirmations. This has resulted in such fiasco. Here PR agencies / Corpcom can play a role. As BNK put it in his view, we can impress on the managements to follow seriously the corporate goverance norms, as they have the direct relation for the image building. We an also be transparent about the profile of independant directors, if they are not 'binamis'. (we have also disussed about this in this forum four or five years back)
3. Satyam episode will redefine the role of PR and Corpcom to look at the over all aspect of company's functioning, which has direct bearing on the image. We can not sit happily with some 10 or 20 media clips.
I invite others to share their views.
srinivasan
prime point
Srinivasan..
.
I feel it is time to think of ways to stop the impact of stayam spreading around into other companies. In times of depression the IT industry does not want a loss of confidence in its financial figures from its stakeholders as well as clients.
How can we as professionals think up of ideas, which will stop the bad blood from been spread around. I do not intend to listen to things like, 'A satyam happened in your country, is your company worth trusting'
Regards
Omkar
2009/1/7 Prime Point Srinivasan <prpoint@gmail.com >It is a great shock and surprise for me that a company (projected as reputed) has indulged in manipulating their financial balance sheets and defrauded the Nation. Satyam Chief has brought shame not only for himself, but also for 50,000 plus employees, share holders and to the Nation. Such fiasco has happened due to their greediness to earn money 'at any cost'.
Any amount of PR cannot help to save the Chief of Satyam. He has done the act of 'financial terrorism' on the Nation. One person cannot do this type of act. He should have his own team of his financial advisors, chartered accountants, other officials who were part of his team.
In order to bring back the image of the Instituions like 'stock market' and the public crediblity, this entire team should be arrested and put behind the bar. That will work as a deterrant for others too.
We do not know how many 'satymas' are there amongst the 'so called reputed companies'. There should be a thorough investigations, not withstanding the stature.
It is not the question of PR for the company It is the question of maintining the credibility of the Instituions and Nation.
PR cannot justify wrongful, illegal and criminal acts.
srinivasanOn Wed, Jan 7, 2009 at 1:34 PM, Narendran A <naren_vna@yahoo.com > wrote:
Friends
I am sure all of us would be tracking the news of Ramalinga raju resigning from the post of Chairman of Satyam Computers and admitting profits being inflated and so on.. the letter of his resignation are there in the news websites..Satyams share price has come down by 34%..
Its interesting to study from communications point of view. Can stalwarts in the group educate us on the following:
a) How should an issue like this be handled? as we are talking about one of India's top executive
b) What impact will it have on the image of the company/employees?
c) What caution should be adopted while delaing with sensitive issues?
d) IS there any chance for the company to use this as an opportunity to build its image(positive)?
Also read this article
http://www.livemint.com/2008/ 12/18221653/ What-should- Satyam-and- Raju-do.html
Best regards
Narren
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