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Wednesday, January 7, 2009

Founder and Chariman of Satyam Resigns

India's Fourth Largest IT company Satyam Founder and Chairman Ramalinga Raju has resigned from the Board. Raju has put in his papers and is waiting for the Board's decision.

As Satyam was in news previously in Maytas deal and at last Raju has written a letter to the board giving details of how the 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.

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