Tuesday, July 14, 2009

Satyam Scandal - All Is Well That Ends Well | New Article On Contentwriter.in

Satyam Scandal - All Is Well That Ends Well | New Article On Contentwriter.in

In Q2, our revenue grew… on the back of a 4-per cent volume growth and rupee depreciation against the US dollar… We believe these factors will also enhance annual margin performance… I would like to emphasise that Satyam is leaving no stone unturned in our efforts to create a sound foundation for our future. Note to investors from B. Ramalinga Raju, Founder & Chairman, Satyam Computer Services, when declaring the company’s results for the quarter ended September 2008

The balance sheet carries as of September 30, 2008 inflated (non-existent) cash and bank balances… The gap in the balance sheet has arisen purely on account of inflated profits over a period of last several years (limited only to Satyam stand-alone…) Note from B. Ramalinga Raju to the Board of Directors of Satyam dated January 7, 2009

About Ramalinga B Raju
Byrraju Ramalinga Raju (born September 16, 1954) is the founder of Satyam Computers and was its Chairman until January 7, 2009 when he resigned from the Satyam board after admitting to corporate fraud. For a man who ran India's fourth biggest software exporter, Mr Ramalinga Raju was not a showy person.His bungalow in Hyderabad city's upscale Banjara Hills is an understated two-storey structure, with parking for no more than three or four cars.

Read the Complete Article in 2 Parts here:
Indian Corporate - Satyam Scandal | Satyam Fraud Investigated - Role of Auditors & Directors


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