Raju resigns, admits fraud, Satyam books cooked up

Tuesday, January 6, 2009

Finally after so many ups and downs the biggest news hit for satyam and IT market. The IT Giant of india , satyam computers chairman and founder has admitted his fraud and gave resignationation to his position.
According to Ecnomic times ,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
Well Analysts say that Raju's resignation wouldn't make much difference to investers as they think that he is not blamed alone and the responsibility lies with whole board.
coming to the share market of satyam, 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 percent at 149 rupees. (11.22 a.m.)
After all success of his life, the way it(satyam) was started and it was representing india in the Global market , crossing many mile stones, but after all here comes the sad ending for the Chairman Mr. Ramalingaraju.
Ram Myanpati will act as Interim CEO.

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