Ramalinga Raju resigns from Satyam Computers, admits fraud, Satyam shares plunge
satyam Computers Chairman ramalinga raju has Resigned from the satyam board, and has written a letter giving the details of the accounts saying that the balance sheet has inflated cash & bank balance to the tune Rs 5040 crore. The balance sheet of the company was inflated and accrued interest of 376 crore rs in the books is non existent.
Read the Full Test of Raju’s Letter
Today in the Indian share market Satyam computer s shares were down by a whopping 77%.
In his letter Raju wrote that the companies Q2 FY09 reported revenues of Rs 2700 crore Vs actual revenue of Rs 2112 crore. The Q2FY09 operating margin reported was Rs 649 crore against Rs 61 crore. The Q2F Y09 numbers had Rs 588 crores of artificial cash in books.
He also mentioned that he is also prepared to subject himself to law of the land and face the consequences.
what happens to all the employees????
Can we expect this from the 4th INDIA’s largest company i.e SATYAM?
WAKEUP AND ANSWER THIS QUESTION…..
its really sad to see that such a great Entrepreneur have come to this type of tragic situation. From the business point what he done was right… and what he done was what the father done to every child… showing the worst situation into good situation… anyway investors will not going to understand this ….
Appreciate the BOLD decision.
What happens to all employees?????? What will happen to freshers yet called by SATYAM??????
IS it so easy to show a false balance sheet???
Poor investors always have a hit.
It is an audit failure,
.
What a brace man. Will his bravery be tested further ? Firing Squad or Gallows perhaps ?
How about hard labor in prison sharing cells with other sharing criminals ? You know .. sharing communicable diseases ?
It’s a sad news in the current scenario. Thousand’s of employees are at stake!
The scandal shows poor regulatory oversight in India and calls for immediate overhaul in corporate governance. It also shows the ugly truths behind the false veneer of IT-fuelled ‘development.’ Only God knows how many of those `decent’ companies’ accounting figures are inflated. I am wondering what’s the role of US-based PriceWatercoopers in the whole saga.
I still support him. Every man commits mistakes but only a few agrees that, bcz to acctect a failure he should have a brave heart and he is having it. He tried to correct his mistake buy acquiring Maytas but his shareholders are coward(when a good leader is in difficult times we should support him).I am always proud because he is from my state.
Really such a tragic incident it its. This will make clients to think twice or thrice before they invest to India. I don’t really understand one thing, How come Auditors and other Board members missed to find out the discrepancy.. We’ll have to wait for the answers..
What about shares of satyam ??????????????????????????????????
has ramalinga raju gone mad?what is the fate of the employees?
its a bitter experience for stock market .
its ridiculos we have to hang them …
Raju – A scape Goat? Is this pure Business and no Politricks?
People also blame PWC. PWC follows the audit techniques of its own in addition to basic auditing guidelines proiveded by the ICAI. It is surprising that The Basic guidelines of ICAI is unable to alert such a big mismatch of financials. Peer Auditing must have also happened atleast once. Let us wait and the story does not end up within a decade.
that is really a very bad job more cruel than what terrorist has done.
Good shot..for Investers..( All wants to become BillGates…hahahaha )
Good Business by Brainless Raju brothers..
what a big shit…haaha..
Leave a comment!
Subscribe to Email Updates
VC
CosmoFair Networks
_______________
A book by CosmoFair founder, Bill Belew, that might change your world
_______________
Authors
- Bill Belew (3189)
- Parasshuram Shalgar (924)
- Ranjita (87)
Powered by Authors WidgetTopics
Online
Archives
Recent Posts