Satyam Computers: Satyam scandal, Satyam fiasco, Satyam Ramalinga Raju letter, Satyam auditors, Satyam issue

Satyam Computer Services Ltd’s Mr. B Ramalinga Raju has resigned as chairman of the company. Reacting to the news, shares of the IT company down 62 per cent at Rs 64.

The resignation came after admitting to major financial wrong-doings and saying his last-ditch efforts to fill the "fictitious assets with real ones" through Maytas acquisition failed.

Raju will continue as Chairman and Managing director till the Board finds a replacement, unoffical reports say that Satyam President Ram Mynampati would take over as Chairman.

Giving details of the financial irregularities in the resignation letter Raju said the company's balance sheet as of September 30 carries "inflated (non-existent) cash and bank balances of Rs 5,040 crore (as against Rs 5,361 crore reflected in the books." Full text of Ramalingam Raju's letter to the Board [ Ecomonic Times]


Satyam Computer Services Ltd’s Mr. B Ramalinga Raju has resigned as chairman of the company. Reacting to the news, shares of the IT company down 62 per cent at Rs 64. The resignation came after admitting to major financial wrong-doings and saying his last-ditch efforts to fill the "fictitious assets with real ones" through Maytas acquisition failed.Raju will continue as Chairman and Managing director till the Board finds a replacement, unoffical reports say that Satyam President Ram Mynampati would take over as Chairman.Giving details of the financial irregularities in the resignation letter Raju said the company's balance sheet as of September 30 carries "inflated (non-existent) cash and bank balances of Rs 5,040 crore (as against Rs 5,361 crore reflected in the books." Full text of Ramalingam Raju's letter to the Board [ Ecomonic Times]