Formation

PRESS RELEASE

In view of the present existing crisis in the Indian corporate sector, we a group of employees from different corporate companies of India, working in the country and abroad have felt that it is necessary to bring together all the employees in private sector and demand for their rights through a common platform. We affiliate ourselves with the political group called “Radical Democrats” headed by Mr. Sarat Babu V.

Though this exercise is being worked for the past many months, we have been postponing it to discuss ideas and frame of work. But it is now inevitable for us at this point of time where employment of many workers of the corporate world especially in India is in peril.

To have an impact with the name itself for a revolutionary thought through a democratic process, we shall be calling our organization as RADICAL DEMOCRATIC CORPORATE EMPLOYEES CONGRESS. In short we call ourselves as “Radical Democrats”. A convening committee is formed with around employees from twenty companies in it.

The eruption of Satyam financial irregularities has a major impact on our decision to come to the public. We feel that it is now necessary for the employees to speak in public about the problems and difficulties. We have evolved an action plan, which would be legal and political to protect the prospects of employees and there by companies. We shall utilize all possible means to pressure the authorities to consider the stand of employees in a decision with regard to corporate companies.

Satyam episode is only peripheral display of the irregularities in corporate sector and the crust would be slowly exposed. In case of Satyam, state interference is welcome, but the history of the business association of the appointed directors with Satyam makes us question the sanity. SEBI role since the Satyam trail to take over Maytas in seeing the legality of the heavy stock transactions by large investors is questionable. If a few large share transacts are tracked, it would clearly be a witness of “Insiders trading”. The non-action of investigative agencies over the other top management individuals other than who have confessed seems that some lobby is side tracking the investigative process. Especially, the role of individual directors who have been claiming heavy remunerations and trying to fade themselves out the scam has to be immediately curtailed by the investigators. The non-seizure of assets of the individuals, whose actions are questionable in this scandal, may lead to illegal liquidation. We have serious doubts in the government’s action which is not seriously considering the Maytas role in the scandal. We also demand a serious and democratic enquiry into the financial irregularities rather than a dubious and grace saving statements by the government heads. The interference of leaders from major political parties trying to protect the accused is resented.

We demand the representation of employees at the decision making level bodies in all corporate companies, and we feel that shall make the “corporate governance” a little transparent. It is the responsibility of companies to ensure the proper payment of wages to all those working in projects and on bench. The vicarious liability of these companies needs to be extended to the state. The promises of recruitment of fresh youngsters from colleges should be implemented. We shall urge through letters to Ministry of Finance and Industries to see that our demands are considered. We are also trying to explore the possibility of appealing through judiciary if proper action is not taken. Radical democrats will also help those employees / prospective employees who would be claiming for their due from Satyam through legal action.

We seek the support of political groups, trade unions, investors and call all the corporate employees to join their hands in our struggle for rights.

- Radicals