Satyam chief Raju resigns, admits Rs 7,000 cr fraud

News Flash

DELL LOST 10% ON FRIDAY AFTER MISSING REVENUES & EARNINGS TARGET FOR Q3
GOLDMAN SACHS DOWN 1.6%, GE DOWN 1.1%, CISCO DOWN 1%, MERCK UP 3.2%
DELL LOST 10% ON FRIDAY AFTER MISSING REVENUES & EARNINGS TARGET FOR Q2
DOW JONES FALLS FOR 3RD STRAIGHT DAY TO END LOWER BY 0.1% ON FRIDAY
NASDAQ DOWN 0.5%, S&P 500 INDEX LOWER BY 0.3% AT CLOSE ON FRIDAY
U.S MARKETS ENDED LOWER ON FRIDAY AS TECH STOCKS TOOK THE BIGGEST HIT
FOREIGN FUNDS NET SELL RS.463.89 CR IN EQUITIES ON NOVEMBER 20 (PROV)
MUTUAL FUNDS NET SELL RS.176.7 CR IN EQUITIES ON NOVEMBER 19
DII'S NET BUY RS.18.46 CR IN EQUITIES ON NOVEMBER 20 (PROV)
TO ENTER INTO CUSTOMIZED MOTOR CYCLE BIZ VIA PRO-BIKING SHOWROOMS
TO EXPAND PANTNAGAR CAPACITY TO 70,000 UNITS IN NEXT FEW MONTHS
AKER IS A NORWEGIAN SERVICE PROVIDER CO FOR OIL AND GAS OPERATIONS
AKER SOLUTIONS TO PROVIDE SUPPORT SERVICES IN KG BASIN
AKER BAGGED SUB SEA PRODUCTION ORDER FROM RIL IN 2006 ALSO
RELIANCE IND PLACES RS.115 CR ORDER WITH NORWAY'S AKER SOLUTIONS
PORTING CHARGES TO BECOME APPLICABLE FROM DECEMBER 31, 2009
MNP ALLOWS USERS TO CHANGE OPERATORS WHILE RETAINING MOBILE NOS
USERS TO PAY MAX OF RS.19 TO CHANGE OPERATOR WHILE RETAINING OLD NUMBER
TRAI COMES OUT WITH NUMBER PORTABILITY CHARGES
PUNJAB NATIONAL BANK PLANS TO RAISE RS 700 CR BY SELLING BONDS
TATA TELE-QUIPPO OFFERING BETTER SERVICING DEAL FOR TOWERS: SOURCES
GTL BID 10-15% HIGHER THAN TATA-QUIPPO: SOURCES
DEAL VALUED AT AROUND RS.6000 CR : SOURCES
GTL FRONTRUNNER IN RACE FOR AIRCEL'S TOWER BIZ: SOURCES
UNDERWEIGHT ON THE TELECOM SPACE; BULLISH ON I.T., BANKING STOCKS
PROMOTERS PLEDGE 1.8% ADDL STAKE; TOTAL PLEDGED SHARES AT 28.28%: NW
RUPEE CLOSES AT 46.62/$ VS 46.68/$ ON NOVEMBER 19
LONG ONLY HEDGE FUNDS LIKELY TO RAISE EQUITY EXPOSURE IN COMING MONTHS
CONSENSUS DECISION OF THE UPA GOVT TO SCRAP CLAUSE 3B FROM THE SUGAR POLICY
SUGAR MILLS TO PAY FRP, SAP DIFFERENCE

Updated: 07/01/2009 | 01:12 PM IST

Top Stories

NDTV Correspondent

Wednesday, January 07, 2009 (New Delhi)

Blog

Comments:

Read (0)

Post

Rate the story

Chairman of Satyam Computer Ramalinga Raju has resigned from the company’s board. In a shocking disclosure, he has revealed some financial irregularities in the company, including an inflated cash balance of Rs 5,040 crore.

In reaction to Raju’s revelations, the stock was hammered by investors and it is down over 60 per cent.

Raju said that he feared takeover due to poor finance performance. Coming clean on financial irregularities, he said that the company had Rs 1,230 crore worth of understated liability as of September 30.

Raju also revealed that he tried to fill fictitious assets with Maytas deal.

He said that the company carries inflated cash balance of Rs 5,040 crore. He also reported of Rs 588 crore artificial cash in Satyam’s books.

Raju said that every attempt to eliminate the gap failed. On Raju’s disclosure, Sebi chief said the issue has serious implications and the regulator will take coordinated action.

His decision was conveyed to the company’s board members. The company was supposed to hold a board meeting this Saturday.