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Wednesday, January 07, 2009

Satyam Ramalinga Raju Resigns, Discloses Shocking Details

Computer Chairman B Ramalinga Raju on Wednesday resigned. He said that he would subject himself to the "laws of land".

B. ramaraju the managing director of the company also announced resignation. In a shocking revelation, he has said that the balance sheet details over the years was fictitious.

The balance sheet has inflated cash balances of Rs 5,040 crore (Rs 50.40 billion) and accrued interest of Rs 376 crore (Rs 3.76 billion) is non-existent. Rs 1,230 crore (Rs 12.30 billion) was arranged to Satyam and is not reflected in the books.

He admitted that second quarter numbers were inflated to Rs 2,700 crore (Rs 27 billion) when the actual figure was Rs 2112 crore (Rs 21.12 billion).

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