Tax payers money for Satyam bailout
We already said the IT tax holiday is the original sin and the driving force behind the SEZ scams big and small. So, what is left to say.
The tax payers must stay alert :
Speaking on the sidelines of the meeting, board member Parekh said Satyam’s working capital requirements needed immediate attention and that he expects the government to provide temporary liquidity to Satyam to overcome the crisis. The amount of liquidity required has not yet been determined, he added.
Source : Domain B
So, a company that has contributed little or no tax money to the nation now wants our tax money to tide over its crimes. How ironic ?
I do not doubt the integrity of the new directors. This is just a dangerous job they are undertaking.
- There were many talking heads on TV tonight saying the “Satyam brand cannot be allowed to sink”. Dear Sirs, the brand is finito. You better give this company a new name.
- Saving the employees is not the same as saving the company. You can split up the company and sell the parts by bidding. This is the correct capitalistic way. Let Infy and others bid for the pieces including the employees. You can structure the auction that way.
- Poor tax payers are going to be exposed to the various cases in which Satyam is implicated and might very well lose. Do we want the Indian school teachers salary going to settle Satyam’s dues with UPaid or the recent slew of class action lawsuits ?
- CPI MP Mr D Raja suggested the government should simply confiscate and liquidate some land belonging to the Raju family / Maytas and use the proceeds to meet operating expenses (which are low in a software services company) I am not saying I endorse this, but it sounded appealing.
I must say the new directors are brave people. Good luck.
The government will be all too eager to screw the tax payer You see taxes (along with terrorism, inflation, and mosquitoes) are big ticket issues which mean zilch in Indian elections.