Wednesday, January 7, 2009
Satyam Chairman Ramalinga Raju Resigns
Satyam Computers founder and chairman Ramalinga Raju had resigned from the board. Ramalinga Raju had put in his papers and Ramalinga Raju was awaiting the company board's members decision. Satyam board meeting is scheduled for December 29. Ramalinga Raju resignation would not make much of a difference to investors. It was a unamimous decision and this board is in no place to decide on the issue.
Raju has written a letter to the board giving details of the balance sheet. Balance Sheet has inflated cash balances of Rs 5040 crore and accrued interest of Rs 376 crore is non-existent.
Shares in Satyam Computer shed all gains to turn negative after the embattled Indian outsourcer said its chairman has resigned from the Board. Shares were down 16.81% at 149 rupees.
For More Information To This News : IndiaTimes, Ratevin, BusinessLine