It has a been a eventful 2 weeks at Satyam ( I am a proud Satyamite). What has happened is evident to everybody. But what pisses me off, is the way the media has been showcaing the news. I want to question whether what Economic Times or Mr Udayan Mukherjee of CNBC were doing was news in the first place. Let me go point by point
Economic Times and TOI: Somebody mentioned me that TOI should change their name from Times of India to Tabloid of India. And Economic Times is supposed to be a paper that does analysis on business. But both these news papers have been spewing lies after lies after lies. No Analysis, no verfications and no understanding of what the impact of the news will do to the general public.
Mr Udayan Mukherjee: I am singling out only one person from this channel because, he was not non-partisan in his statements and news coverage. Overall CNBC india has provided a very balanced approach to the whole scenario. but this one guy was going on and on and on, as if he had lost a lot of money on this stock, he did not care about the employees working at this organization. He should remember that organizations are made because of people working there. His news show runs because of people who do the analysis and write it up for him and not because of his cute little face in the camera, i am sure, nobody is going to listen to just crap coming from him because of his cute face. There are people who make an organization successful. I hope Udayan understands that.
News and Analysis : The another this press has done is done reporting ( a.k.a post man giri). I expect the journalists in the business domain to let me and the overall public to let me know very objectively what will the impact of this be to the overall economy and to the business community in general. What options does Satyam as an organization have to survive and what are the impact because of this to the IT industry in general and what customers and new comers to this industry need to worry about.
Hvae they atleast done all the reporting in good faith and objectivity: Unfortunately NO. There were reports that
a) Satyam employee's will not be paid salaries ( a rumour). Have they now reported that salaries have been paid, when this task is accomplished
b) Customer Fleeing Satyam: has any of this been verified
c)Satyam senior officials have fled the country. Did they a retract the stateme when they came to realize it was a fault.
d) Satyam officials have sold their shares in big numbers. This statement has been retracted, but have they apologized for the pain caused. No
Last but not the least, the one person, who should have not have made the statements that were made and who has lost support and respect from every satyamite is Mr Narayanamurthy. I cannot imagine a person of his stature behaving so in the media.
UNITED WE STAND
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New age media is Internet. President Obama is the latest proof that Internet is a powerful media. And it has very low entry barrier and can reach masses. So, Satyam definitely had options. When people were looking for sources of credible information they couldn't find anything anywhere but those news channels.
If only Satyam had made strong efforts to do damage control by being more open (and informal via blogs) people would have listened. Even high profile employees of Satyam could have blogged about this in their semi/un/official capacity and doused the burning fire.
Also, if you believe in the stock market system, when a stock price falls singularly like that, it does say something about the company, more so in reflection. There were major holders who shed huge amount of stocks, those whom you would expect to have done their own research and not have relied upon Udyan etc. People watched and followed them too.
Anyway, I'm not disagreeing with you about the points you made about media making scandalous stories and milking them to death and then not doing proper follow-up reporting when things are going right. But my point is in this Internet age, Satyam could have done much better to take charge of the situation.
Best of luck.
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