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Ramalinga Raju, Chairman of Satyam has resigned from the board, reports CNBC-TV18. In his letter to the board, Raju admitted that the IT major's balance sheet has inflated cash and bank balance of Rs 5,040 crore. "No board member had any knowledge of the real situation. Accrued interest of Rs 376 crore in books is non-existent. Rs 1,230 crore was arranged to Satyam, but was not reflected in the books."
According to Raju, Ram Mynampati will now act as an interim CEO.
Raju said Merrill Lynch could be entrusted to explore merger options and he has asked auditors for restatement of accounts in light of the new facts.
Also read:
Consulting stock exchanges to decide course of action: Sebi
Satyam: Infy says outsourcing may be hit
See Satyam stock at Rs 10: Shankar Sharma
Outraged auditors see action from regulators ahead
Min of Corp Affairs seeks registrar's report on Satyam
LIC still confident about Satyam's potential as a Co
FICCI, Nasscom call for revamp of corp governance norms
B Ramalinga Raju’s letter to Board
Satyam's Balance Sheet Profit & Loss
To Read Raju's Letter To Board Please Check Attachment.
To Read Ram Mynampati's letter to all employees Please Check Attachment.
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