Satyam [Get Quote] Computer on Monday plunged into a deep crisis, as B Ramalinga Raju resigned as its chairman after admitting to major. Did Satyam Computer Services’ promoter B Ramalinga Raju make a calculated move In a letter to the Planning Commission Deputy Chairman, Montek Singh. Satyam Computers founder and chairman Ramalinga Raju has to get off without being eaten,” Ramalinga Raju said in a letter to Satyam’s board of C B Bhave said that the Satyam chairman’s ‘confession to the board is an.
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It was like riding a tiger, not knowing how to get off without being eaten. Murthy, Hari T and Murali V representing support functions.
Satyam is the country’s fourth largest IT firm and has ramalingq over 51, employees.
Three more followed suit later as pressure mounted on directors to disclose what transpired in the board meeting, where the decision to acquire Maytas was taken. Satyam has an excellent leadership and competency base at all levels. The US listing also makes Satyam and its directors vulnerable to lawsuits in that country.
Ramalinga Raju admits to accounting fraud, resigns – Livemint
However, I am also taking the liberty to recommend the following steps: NDTV Beeps – your daily newsletter. India would score few brownie points in the eyes of FIIs.
Mt T R Prasad is well placed to mobilize support from the government at this crucial time. Satyam’s chairman Ramalinga Raju resigns, admits fraud.
From Our Archive | Raju admits to accounting fraud, resigns
Shares of Satyam plunged by over 40 per lteter immediately after the announcement of resignations, necessitating an overhaul of the Board and management. He has also been fined Rs five crore. I suggest that Ram Mynampati be made the Chairman of this task force to immediately address some of the operational matters on hand. Ravindra Penu Metsa, Jayaraman and Prabhakar Gupta are unaware of the real ramaljnga as against the books of accounts.
Ramalinga Raju admits to accounting fraud, resigns
Login from existing account Facebook Google Email. Having put the facts before you, I leave it to the wisdom of the board to take the matters forward. Through the first week of Januarythere was widespread speculation that Satyam would soon be acquired by another company.
Satyam suffered another blow a week later on December 23when the World Bank barred the company from doing confewsion business with it for the next eight years for “improper benefits to bank staff” and “lack of documentation on invoices”.
Low percentage of promoter equity in the company, where four independent directors resigned in the last two weeks over the acquisition fiasco, could lead to a lerter and expose the gap, he said in the letter, also sent to regulator SEBI. From putting China ties on even keel to getting crucial US waivers, Modi govt managed geopolitics with flair in India beat Australia by runs. Raju will continue as chairman till the Board finds a replacement, even as speculation was rife that Satyam President Ram Mynampati would take over as Chairman.
From rich Asian Games medal haul to cricket team’s success in Australia, a defining year for India.
We think a detailed investigation of this incident is urgently called for and needs to be undertaken by the authorities without delay. The balance sheet carries as of September 30, a Inflated non-existent cash and bank balance of Rs 5, crore as against Rs crore refglected in the books b An accured interest of Rs crore which is non-existent c An understated liability of Rs 1, crore on account of funds arranged by me d An over stated debtor position of Rs crore as against Rs reflected in the books 2.
Shares of the company closed Rupee up 27 paise against dollar.
Also See Lower court denies permission to drop complaint against Satyam 6 years later: It soon came to light that promoters were left with just 3 per cent stake in Satyam as institutional investors had started selling pledged shares. However, the damage to Satyam’s credibility was already done. With the hope that leetter of the Task Force and the financial advisor, Merrill Lynch now Bank of America will stand by the company at this crucial hour, I am marking copies of this statement to them as well.
Full text of Raju’s resignation letter to the Board – Times of India
Rama Raju also resigned. Read Satyam shares crashed nearly 78 per cent on January 7, – from Rs to end around Rs None of the board members, past or present, had any knowledge of the situation in which the company is placed.