Breaking News! In a shocking development, Mr. Ramalinga Raju resigned as the Chairman of Satyam Computers, admitting "fraud" in the company. According to Ramalinga Raju, there was an attempt to manipulate the accounts, which eventually failed. Raju also confirmed that the manipulation of accounts started years ago.
While giving the balance sheet to the board, Ramalinga Raju said that books show inflated amount of Rs. 5,040 cr. The amount of Rs. 1,230 cr is not shown in the books. Raju, while resigning from his post, said that he is ready to subject himself to law. According to the expert lawyers, Raju could face up to 10 years in prison if "fraud" in Satyam is proved.
Meanwhile, Ram Mynampati has been appointed as the interim CEO of Satyam Computers. Satyam stocks took a heavy beating after the resignation of Ramalinga Raju. The industry is in a shock.
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Satyam Computer head quits, admits doctoring books (San Francisco Chronicle)
The chairman of India's Satyam Computer Services Ltd. quit Wednesday after admitting the company's profits had been inflated for several years, sending shares of the software services provider plunging by more than 70 percent. The news dragged down the...
Satyam chief resigns over inflated assets (International Herald Tribune)
The chairman of one of the leading Indian software companies said that an accounting problem going back several years resulted in Satyam Computer Services overstating its assets by $1.1 billion.
Satyam Computer head quits, admits doctoring books (AP via Yahoo! News)
The chairman of India's Satyam Computer Services Ltd. quit Wednesday after admitting the company's profits had been inflated for several years, sending shares of the software services provider plunging by more than 70 percent.
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