Daily Archives: January 22, 2009
Satyam 13000 salary accounts says prosecutor
Wow. If this allegation is true, it’s not just the CFO, ex-CEO and MD who would be brought to the task but also the HR top managers. How could anyone have inflated employee figures by 13,000 without the HR people’s connivance?
Satyam actually employs 40,000 people, and not 53,000, said the prosecutor.
While ten thousand employees were non-existent, 3,000 belonged to attrition category. Assistant prosecutor K. Ajay Kumar also said as many as 400 fake transactions had been uncovered in the investigation so far.
The public prosecutor said that crores of rupees were possibly siphoned off at regular intervals and diverted it to benami accounts.
The prosecutor also said that accounts were fudged, bank statements were forged and shares were transferred.
via Satyam faked 13000 salary accounts prosecutor – CIOL News Reports.
Women Leaders in ICICI
Amongst one of the reasons that Fortune gives for ICICI Bank’s amazing number of women leaders is lower salaries! That’s because the article claims that they are more tolerant than men.
They are more willing than men to tolerate ICICI’s low salaries, which are in the bottom quartile for the industry. (The comparison improves when stock options are taken into account.) That’s better than for government-owned banks but lower than for foreign and other private banks. In most cases, the husbands are the main money earners. Renuka Ramnath, 45, who runs ICICI Venture, a private-equity business with $2 billion under management, says her salary was “just pocket money” until her husband died 12 years ago. Income then became more important, but she stayed at ICICI, with her family’s encouragement, even though she could earn far more elsewhere, because “nowhere else could I have done so much.”
via The women of ICICI bank – October 16, 2006.
What needs to be seen is will that ensure that women leaders continue to emerge in ICICI Bank. I don’t think today’s women executives will be as tolerant as women 10-15 years ago 
