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Beat This: Satyam Won Awards For Corp Governance, Internal Audit

09 January, 2009

Satyam, once the torchbearer of the city of Nizams, got crowned with various coveted awards. A look at their awards shows that the achievements for which they were awarded, later turned out to be the crimes for which they were criticized. 

 

Golden Peacock Global Award for excellence in corporate governance in 2008: (UK based World Council for Corporate Goverance decided to take back its highest honour—after the scam broke out)

 

UK Trade & Investment India (UKTI) Business Award for corporate social responsibility. 

Present : Forget, corporate social responsibility, the IT company does not even have enough working capital to meet its own necessary expenditure beyond January.

 

SAP Pinnacle Award 2008 under “Service – Ecosystem Expansion (Growth)” category, awarded by SAP

Present : According to Ramalinga Raju’s letter, the company only has 3% of operating margins till now.

 

Best IR Website in the Asia Pacific & Africa region for providing complete, accurate and timely investor relations information awarded by MZ consult.

Present: The company’s website did not open for hours after Raju’s letter or his script of India’s Enron reached the exchanges

 

Partner Innovation Award for Anti-Money Laundering (AML) solution. Awarded by Pegasystems

Present :  As what is to the best knowledge of the press till now, BRaju, Chairman, Satyam has done a scam worth Rs 7000 crores till now.

 

Entrepreneur of the Year Award 2007 for Ramalinga Raju, Satyam’s founder and chairman- awarded by Ernst & Young (E&Y)

Present : Ramalinga Raju, Satyam’s founder and chairman has resigned and admitted to huge frauds in the company.

 

Satyam’s internal audit team was awarded the recognition of commitment (RoC) award from The Institute of Internal Auditors, USA.

 Present : Satyam’s statutory auditor for years, Price Waterhouse has been seriously questioned and has been  asked by the ICAI, (Institute of Chartered Accountants of India) to restate the accounts.

 

And there are many others, which were bestowed at Satyam, being ignorant of the big lie that it was.

Competitive Strategy Leadership Award for Offshore Testing Market- awarded by Frost & Sullivan

 

Asian MAKE (Most Admired Knowledge Enterprise) Award- awarded by Teleos, in association with KNOW Network

 

Indian MAKE (Most Admired Knowledge Enterprise) Award- awarded by Teleos, in association with KNOW Network

 

Award for “Strengthening Customer Relationships- awarded by ITSMA (IT Services Marketing Association)

 

Winner of the First “Partner Innovation- Award-awarded by Software AG/webMethods

 

Ranked # 1 in the ASTD BEST Award- awarded by American Society for Training and Development (ASTD)

 

First Asian company to rank in Training Magazine’s Top 125 companies for learning.

 

Citizenship Partner of the Year Award, 2007- awarded by Microsoft.

 

Vision, Impact, Progress (VIP) Award, 2007- Computer Associates

Second-Best Employer in India –awarded by Hewitt India

 


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3 Comments
shashi . 6 years ago

Lesson to be learnt – None of the awards are given on merits but PR clouds that one holds in business community.

Sameet . 6 years ago

Basis for awards..Debatable too…

anonymous . 6 years ago

It’s democracy. An award by the people for the people…

Beat This: Satyam Won Awards For Corp Governance, Internal Audit

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