Satyam CFO: Missing link in scam?

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While addressing the media at a press conference held at Satyam 's Hyderabad headquarters, Ram Mynampati, Interim CEO, Satyam was asked questions about the role of the company's CFO Valdamani Srinivas in the whole Satyam fiasco. Initially he maintained that Vadlamani was not present at the press conference for personal reasons and that he was at home. "But he is constantly in touch with the company leadership."

 

Later on, he admitted that Srinivas has actually sent in his resignation today, but the board is yet to approve it. The board will consider the resignation in the board meeting on Saturday.

 

Mynampati said given the urgency of the situation, there are few chartered accountants, who are playing various roles in the organisation, have come together and started assessing the situation. "No one has been identified as a CFO given that the company has received resignation from Srinivas only today. The finance team is busy assessing the situation, which is priority now," he said.

 

Meanwhile, Mynampati said both the Chairman and the Managing Director have submitted their resignations to the board. "All of us and many other senior members of Satyam had a conference call with the Chairman, the Managing Director and the CFO within half-an-hour after coming to know of the mail that has been sent out, by the Chairman.

 

So, we had a conversation with him, he assured us that he would be available to provide any support, if required. We have not contacted them since then, because things that we are engaged in doing do not necessarily require us contacting them. What we need is an immediate help from the CFO and we have been in touch with him and we are getting the necessary support."

 

On Friday morning, there were rumours that Satyam CFO had attempted suicide.