SHARETIPSINFO >> Raju Letter >> SATYAMS founder and chairman Ramalinga Raju resigns, confesses fraud and Full text of Raju's letter to the Board
Satyam computers is having a worst time in its working span. Its own founder and chairman Ramalinga Raju has resigned from the board and is waiting Board’s final decision.
Raju has also revelled many shocking facts and frauds related to satyam. Satyam has been in news from quite some time because of Maytas deal.
Raju has taken a bold step and has admitted all the frauds and has written a letter to the board giving all the details how the balance sheet has inflated cash balance of Rs 5040 crore and accured interest of Rs 376 crore is non existent. Rs 1230 crore was arranged to Satyam and is not reflected in the books.
Going one step ahead raju has also suggested Ram Maynampati as the interim CEO for the company.
Further investigation is required to find out who else are involved in the fraud says Security and Exchange Board of India(SEBI).
For Full text of Raju's letter to the Board Click here
Mutual Fund holding Satyam Shares as of Nov-end (Fund - No of Shares - % of Fund Assets) :-
- HDFC Top 200 - 1215000 - 1.60%
- UTI Master Share - 1190000 - 2.46%
- HDFC Equity - 1150000 - 1.15%
- UTI-MEPUS - 1100000 - 3.37%
- Birla Sun Life Eq - 788817 - 2.75%
- HDFC Growth - 785000 - 2.34%
- UTI Equity - 750973 - 1.75%
- Templeton India Eq Income - 712686 - 2.49%
- Reliance Eq Advantage - 628704 - 1.19%
- Reliance RSF - 625005 - 2.83%
A JOURNY OF 11 YEARS SATYAM IS COMING ON ITS HOME TODAY
JAN 1998 RATE 32
JAN 2009 RATE 32
In 1998 Satyam was at 32 and made high of 542 in 2008 but after 11 years of its journey as on 07-Jan-2009 same Satyam is now trading at 30.80( Low at the time of article).
Now major decisions are in the hand of boards to prevent sluggish SATYAM for crises.
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