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.
The chairman of India's Satyam Computer Services (SATY.BO) (SAY.N) resigned on Wednesday, saying profits had been inflated over the last several years.
Posts
0 comments:
Post a Comment