'Attrition rates in Satyam not alarming'

Satyam has not seen an alarming attrition level despite the prevailing situation, the company’s chairman has said.

“We do not have an alarming attrition level in the company,” Satyam Chairman and former Nasscom Chief Kiran Karnik said.

Media reports recently said that the Hyderabad-based IT major, in the middle of a crisis, lost nearly 3,500 of its staff in the last one month on account of the uncertainty surrounding its future.

“What we see here is normal attrition. In an organisation, which has around 50,000 employees, this is normal,” Karnik said.

The comment assumes significance as Satyam’s suitors, including engineering giant Larsen & Toubro, Tech Mahindra and the B K Modi-led Spice Group have asked for client and employee details of the firm, prior to finalising their bids for a majority stake in the company.

The board had given time till March 20 to the interested parties to submit their bids for acquiring a 51 per cent stake in the company, along with a proof of Rs 1,500-crore cash.

Following this, Larsen & Toubro, Spice Corp and Tech Mahindra had submitted expressions of interest to acquire control of fraud-hit Satyam Computer Services.