Ramalinga Raju resigns as Satyam Chairman, admits "fraud" in Satyam
By Nishi Mishra, HyderabadBreaking 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.
(Content © BreakingNewsOnline)
Labels: Business Finance
posted by BreakingNewsOnline @ 11:30 AM
3 comments
3 Comments:
people like ramaliga raju are shame to the country, they are night mare for the future generations who have hopes. Govt should make strict regulations so that no other sathyam blows away.
people like ramalinga raju who have been roal models are not turning just like politicans. NOw what is future of the employees of Satyam, not just employees their families
Govt should take strict action towards the CEOs of company
Trust me India is just behind because of such cheap people. They should be punished accordingly for playing with people's lives.
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