If Deepak Parekh is planning to wait for the correct financials of Satyam to be prepared before deciding what to do, he will be waiting 12-24 months. 2009 is the year when IT industry is going to take it to the chin. Even till last qtr, Citi, Merrill, MS, GS and UBS were increasing their technology spend year on year. That is not going to happen this year. The easiest vendor for anyone to cut is going to be Satyam.
The best idea for all of Satyam's stakeholders is here. Even its creditors will recover something. Bankruptcy is a good idea for dead companies - creative destruction and reallocating capital of failed companies is an important concept of capitalism.
Their is one hope for the the Indian IT industry - Barrack Obama and his plan of digitizing healthcare and investment in broadband access. Digitizing healthcare records appears a problem that is tailormade for offshoring. The obvious caveat is - Obama's priority is to create jobs in US and not India.