by August 23, 2012 0 comments

Bangalore,India: Several business transactions have taken a toll as the strike went into effect on wednesday, causing huge delays in clearing of cheques.
Many reports have carried that Karnataka, Bengal and the northeast have been hit the hardest by the financial chaos. Banks such as HDFC have taken on the
additional load of clearing cheques, while several foreign exchange deals have gotten into trouble because of the strike. We spoke to a few Indian IT
corporations to find out how their business was affected by the strike

Did your business suffer financial losses due to the strike?

Ananth Koppar, Chairman, K2 Technologies:

Many of the major financial transactions are done in the first week of the month, so there was not any grave impact. We also knew about the strike 2-3 days
in advance, so we made prior arrangements to make sure all our transactions went through.

Ranganathan V, Chairman, Cerebra:

Our company made arrangements because we knew about the strikes in advance. However, some of our forex dealings were affected and had to be postponed.
Moreover, we are still unsure if any transactions will go through tomorrow as there will be a rush at the banks.Hence, our forex dealings will have to wait
until stability resumes.

G S Raghu, Managing Director,Chira Information Technologies:

We have been severely affected by the strike, as many of our vendor payments have been delayed. Our customers transactions have also been brought to a
standstill, and no doubt we will incur financial losses because of this. We hope the situation will be rectified by tomorrow, but it may not.

Srinivas Agnihotri, Head-Telecom, Robust Designs:

Most of our transactions were finished between the 2nd and 10th of the month, so we did not incur much financial problems. Also, we
knew about the strike beforehand, so we made arrangements for any minor transactions to go through during this time.

We also spoke to B P Shashidar, Vice President of KASSIA, who told us

“it is not looking favorable for small scale industries in Karnataka at the moment, there has been a huge disturbance due to the strike. More than RS. 1000 crores of financial loss has happened to small companies in Karnataka”

He also mentioned that banks should take responsibility for this financial loss, and hopefully banking services will resume as normal by tomorrow.

Please let us know your thoughts in the comments below.

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