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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For the September quarter Q2 we reported a revenue of Rs 2, crore and an operating margin of Rs crore 24 per cent of confesison as against the actual revenues of Rs 2, crore and an actual operating margin of Rs 61 crore 3 per cent of revenue.
Ramalinga Raju resigns, reveals shocking details
SEBI horrified by Satyam revelations; studying actions. Ram can also act as an interim CEO reporting to the board. The differential in the real profits and the one reflected in the books was further accentuated by the fact that the company had to carry additional resources and assets to justify higher level of operations thereby significantly increasing the costs,” he said. Giving details of the financial irregularities, Raju said the company’s balance sheet as of September 30 carries “inflated non-existent cash and bank balances of Rs 5, crore as against Rs 5, crore reflected in the books.
Login from existing account Facebook Google Email. He further said that Satyam reported a revenue of Rs crore Rs 27 billion for the September quarter and an operating margin of Rs crore 24 per cent of revenue as against the actual revenue of Rs crore Rs Meanwhile, reacting to the Satyam fiasco Sebi chairman C B Bhave said that the Satyam chairman’s ‘confession to the board is an event of horrifying magnitude’.
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Ramalinga Raju admits to accounting fraud, resigns
Through the first week of Januarythere was widespread speculation that Satyam would soon be acquired by another company. Sheikh Hasina wins 3rd term as PM in Bangladesh: Mt T R Prasad is well placed to mobilize support from the government at this crucial time. It was this letter written by Ramalinga Raju written to the board of directors of Satyam Computer Services Limited that informed the markets that he had overstated cash and bank balances confessuon Satyam by Rs 5, crore as on 30 September and uncovered what is perhaps India’s biggest corporate fraud till date.
In light of the above, I lettef appeal to the board to hold together to take some important steps. India beat Australia by runs. The balance sheet carries as of September 30, a Inflated non-existent cash and bank balance ranalinga Rs 5, crore as against Rs crore refglected in the books b An accured interest of Rs crore which is non-existent c Rajju 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.
Satyam suffered another letterr a week later on December 23when the World Bank barred the company from doing any business with it for the next eight years for “improper benefits to bank staff” and “lack of documentation on invoices”. He later retracted that statement. Having put the facts before you, I leave it to the wisdom of the board to take the matters forward. On December 30Mr Raju wrote a letter to over 50, Satyam employees and said his decisions were intended to bring “Satyam back on track”.
I have promoted and have been associated with Satyam for well over twenty years now.
He wrote, “Every attempt made to eliminate the gap failed. Ramalinga Raju requested the Board to “hold together” to take some ramlainga steps, while hoping that one of the Board members T R Prasad was “well-placed to mobilise support from the government at this crucial time. Satyam has an excellent leadership and competency base at all levels. Ramalinga Raju, Chairman, Satyam Computer Services Ltd Dear Board Members, It is with deep regret, and tremendous burden that I am carrying on my conscience, that I would like to bring the following facts to your notice: I have seen it grow from few people to 53, people, with Fortune companies as customers and operations in 66 countries.
April 09, Two days later on December 25 Satyam’s oldest-serving independent director resigned from the board. New Year flushed with confessino world over, but Kashmir stares at another period of gloom amid gunfights and clashes. I sincerely apologize to all Satyamites and stakeholders who have made Satyam a special organization, ramalinag the current situation.
Raju, however, claimed that neither he, nor the Managing Director including our spouses sold any shares in the last eight years-excepting for a small proportion declared and sold for philanthropic purposes. Late on December 16,Satyam Computer Services – then India’s fourth largest outsourcer – announced the acquisition of Maytas Infra and Maytas Properties, companies related to Mr Raju’s family and controlled by same set of promoters, for around Rs 7, confeession.
West Indies beat Bangladesh by 50 runs. See Chronology Satyam suffered another blow a week later on December 23when the World Bank barred the company confessjon doing any business with it for the next eight years for “improper benefits to bank staff” and “lack of documentation on invoices”. Rupee up 27 paise against dollar. It was like riding a tiger, not knowing how to get off without being eaten. Verdict on Raju, 9 other Satyam scam accused on 23 December Satyam fraud case: Share on Facebook Share on Twitter.
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From Our Archive | Raju admits to accounting fraud, resigns
However, I am also taking the liberty to recommend the following steps: The announcement was met with fierce opposition from domestic as well as foreign investors, who owned a large part of Satyam.
Caught in the cycle of debt and death, India’s farmers drove home the severity of the agrarian crisis in Read Satyam shares crashed nearly 78 per cent on January 7, – from Rs to end around Rs Satyam American Depository Receipts plunged nearly 55 per cent in overnight trading and when Indian markets opened on December 17, shares in the company fell over 30 per cent to their week-lows near Rs For the September quarter alone, Satyam reported an inflated operating profit of Rs crore against an actual operating profit of only Rs61 crore.
All Comments Your Activity. Also See Lower court denies permission to drop complaint against Satyam 6 years later: Rama Raju would also continue as Managing Director, but only till the time the Board is expanded.
I am confident they will stand by the company in this hour of crisis.