India's Satyam Chairman Ramalinga Raju Resigns
Send me email updates:
India's Satyam Chairman Ramalinga Raju resigned taking the responsibility of financial scandal of inflating earnings with cash balance of more than $1 billion. The WSJ article writes that the scandal being compared to Enron of India.
Satyam is India's fourth largest software exporter by revenue and does software services for Fortune 500 companies like GE, GM, Caterpillar, Cisco and others.
Satyam's chairman B. Ramalinga Raju submitted his resignation to SEBI (Stock Exchange Board of India) chairman - Here is his resignation fax in PDF format
The letter says -
In his closing statement he wrote -
This I believe will have adverse affect on Indian IT industry and a more scrutiny from SEBI on all of their financial books.
![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_e.png?x-id=633a5a53-c225-42a4-9c9a-b13c4f7838cf)
Satyam is India's fourth largest software exporter by revenue and does software services for Fortune 500 companies like GE, GM, Caterpillar, Cisco and others.
Satyam's chairman B. Ramalinga Raju submitted his resignation to SEBI (Stock Exchange Board of India) chairman - Here is his resignation fax in PDF format
The letter says -
"The aborted Maytas acquisition deal was the last attempt to fill the fictious assets with the real assets"
In his closing statement he wrote -
"I am now prepared to subject myself to the laws of the land and face consequences thereof."
This I believe will have adverse affect on Indian IT industry and a more scrutiny from SEBI on all of their financial books.
written by Kalyan @ 11:38 AM,
»
I'm Kalyan from Chicago, Illinois, United States. I write articles about Cricket matches and their reviews, Money saving Deals and tips, Immigration info related to Green Card or EAD or AP or H1-B, Road to MBA degree and afterwards. I'm writing in hope and passion that one person will be better because he or she benefits from these posts.
Post a Comment