Satyam chairman Ramalinga Raju resigns

Ramalinga Raju resigns

Satyam Computers founder and chairman Ramalinga Raju has resigned from the Satyam Board.
Raju has written a letter to the board giving details of the balance sheet. Balance Sheet has inflated cash balances of Rs 5040 crore and accrued interest of Rs 376 crore is non-existent. Rs 1230 crore was arranged to Satyam and is not reflected in the books.Ramalinga Raju resigns


ramalinga raju resign letter for download

ramalinga raju resign letter.pdf




"I sincerely apologise to all Satyamites and stakeholders, who have made Satyam a special organisation, for the current situation," B Ramalinga Raju said in a notice sent to the stock exchanges.Ramalinga Raju resigns

"I am now prepared to subject myself to the laws of the land and face consequences thereof."

Ram Mynampati will act as Interim CEO.Ramalinga Raju resigns

DSP Merrill Lynch has terminated its engagement with Satyam Computer, the IT firm informed BSE.Ramalinga Raju resigns

As per the revelations, second Quarter numbers were inflated to Rs 2700 crore vs Rs 2112 crore actual numbers. No board member had any knowledge of the real situation of the books. Ramalinga Raju resigns

Shares in Satyam Computer shed all gains to turn negative after the embattled Indian outsourcer said its chairman has resigned from the Board. Shares were down 16.81% at 149 rupees. (11.22 am)

According to analysts, Raju's resignation wouldn't make much of a difference to investors. more...

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