For those who are outside, it may seem to be as good a story to make a new Hollywood movie out of it. But with the resignation of Ramalinga Raju followed by his surrender to police on 9th January,2009, future of most of the Indian IT companies seems to be bleak. 

It is reported that Mr. B Ramalinda Raju and his brother and former Managing Director, B Rama Raju accompanied by some relatives just drove to police station and surrendered after finding out that their surrender was inevitable. 

Satyam computers was considered India's fourth best company till the eve of Ramalinga's resignation. His resignation was stated in the email that he sent to his employees. In the email, he explained (much to the dismay of the stakeholders of the company) the way "the gap in balance sheet" which occurred "purely on account of inflated profits over a period of last several years".With the admittance, Satyam's stock nosedivided on Mumbai Stock Exchange to an all time low of Rs.31.48 and closing on Rs.39.95, eventhough it opened with Rs.188.70 that day. Before stepping down, the former chairman suggested Ram Mynampati as the Interim CEO. 

Whatever be the reason behind the whole senario, an apology to "Satyamites and stakeholders" at the last moment ( which was done after unsuccessful attempts to save the company from a three week long crisis) proved to be too detrimental not only to Satyam computers, but also to the whole Indian IT Industry. Recent revelations of World Bank about four companies add to the bad time of companies here.

Present status, which is not that good could be stated in few words. The Interim CEO was running after shareholders to get money to give away the employees' salaries. New board members of the company are C Achutan, Deepak Parekh and Kiran Karnik,S Balakrishnan of Life Insurance Corporation (LIC), Tarun Das, chief mentor of the Confederation of Indian Industry (CII) and T N Manoharan, former president of the Institute of Chartered Accountants of India (ICAI), who will meet on Saturday, January 17, 2008, according to Deepak Parekh.

For those who want to just know about Satyam's story only, I believe that the above information may help. But how many of you reading this will think about how an employee, probably a degree holder from a reputed university in India will feel when he finds himself jobless on the street? How many of you will think about all those unfortunate fresher graduates who were placed in the company and were expecting the call letter for a job which would fetch them a handsome amount of bucks.

And worst of all, amidst all the confusion, the ones who are going to suffer the most will be the millions of college students in India who yearn for a job in a multinational company. All these chains of events started off last year with the fall of sensex below 10,000 (which could better be called crossing the psychological point) and to recover from these myseries, Indian IT Industry and its employees have a long way to go. Let us hope that the crisis is not going to be perpetual.