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Latest Byrraju Ramalinga Raju Stories

2009-04-13 14:36:43

A joint British and Indian venture put in the winning bid for Satyam Computer Services, the outsourcing giant besieged by a massive fraud controversy. Tech Mahindra, a combined effort between British communications company BT Group and Mahindra & Mahindra, bid $1.2 billion for the company or $1.16 a share, Satyam's board said Monday, The New York Times reported. Tech Mahindra topped bids submitted by Indian engineering company Larsen & Toubro and U.S. investor Wilbur Ross, the...

2009-03-09 09:27:32

Scandal-plagued Satyam Computer Services in India has put a majority of its shares on the market, the company said. The company was rocked by an accounting scandal in January, when then-Chairman Ramalinga Raju resigned after admitting he added $1.04 billion to the company's books to make the company appear stronger. The board expects to select a winning bid in six weeks. The bidding ends March 20, CNN reported Monday. Those offering bids must prove they have at least $290 million available...

2009-03-04 13:26:34

Scandal-plagued Indian corporation Satyam Computer Services has offered itself for sale, a company board member said Wednesday. We are applying for regulatory approvals, board member Deepak Parekh, who is also chairman of the HDFC Bank, told The Hindu. The company would invite expressions of interest in the next few days. Satyam Chairman Kiran Karnik told CNN Wednesday. The company's former chairman, Ramalinga Raju, resigned in January after reportedly admitting that $1.04 billion reflected...

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2009-02-03 07:55:00

Some of the world's biggest companies were burned when an outsourcing partner of some powerful American companies, let the world know it was inflating its books by $1 billion. Satyam Computer Services Ltd. (SAY) counts a third of the Fortune 500 as its clients, some of which have handed Satyam their most critical technology chores. Outsourcers like Satyam do it all now, from maintaining clients' databases to handling their payroll.Three former top Satyam executives - founder and ex-Chairman...

2009-01-23 10:26:37

A prosecutor in India said Satyam Computer Services Chairman B. Ramalinga Raju invented 13,000 fictitious employees to steal money from the company. S. Bharat Kumar, Raju's attorney, denied the charges, which include allegations that Raju used his elderly mother's name to buy land with the stolen money. All through the interrogation there were no questions about any diversion of funds, Kumar said in court, The New York Times reported Friday. And there was no admission, he said. Prosecutor...

2009-01-14 11:39:00

HYDERABAD, India, Jan. 14 /PRNewswire-FirstCall/ -- Satyam Computer Services Ltd. (NYSE: SAY) announced today that its Board of Directors received on January 13, 2009, a letter from Satyam's statutory auditors, Price Waterhouse, stating that Price Waterhouse performed audits of Satyam from the quarter ended June 30, 2000, until the quarter ended September 30, 2008 (the "Audit Period"), and notifying the Board that in view of the contents of the resignation letter of B. Ramalinga Raju, former...

2009-01-08 07:20:00

- Active outreach to global clients even as customers affirm support and confidence - Senior management pledge to stay with company; sends message of assurance to approximately 53,000 associates - Will consider appointment of audit company for immediate investigation into allegations by founder and chairman Mr. Ramalinga Raju and to establish position of cash and bank balances - Seeks nominations from regulators and industry associations for candidates for Board - Recognizes need to...

2009-01-08 06:36:00

HYDERABAD, India, Jan. 8 /PRNewswire-FirstCall/ -- Satyam Computer Services Limited (NYSE: SAY) said today its top leaders have pledged to remain in the company and work jointly to steer the organization following shocking disclosures by its founder and chairman Mr. Ramalinga Raju of financial irregularities. Ten of the most senior executives of Satyam, including interim CEO Mr. Ram Mynampati, gathered at its headquarters in Hyderabad, have collectively committed not to resign from the...

2009-01-07 11:15:08

The chairman of a leading Indian technology company resigned after admitting $1.04 billion reflected on the company's books in September did not exist. Ramalinga Raju, chairman of Satyam Computer Services, resigned Wednesday after submitting a lengthy statement to the Bombay stock exchange in which he said the gap in the company's financial statements had been covered up for years, The New York Times reported. What started as a marginal gap between the actual operating profits and the one...

2009-01-07 06:54:00

HYDERABAD, India, Jan. 7 /PRNewswire/ -- Satyam Computer Services confirmed that it has received today a letter from its Chairman and Founder, Mr. B Ramalinga Raju. This letter, dated Jan 7, 2009, has been circulated to all existing members of the board, several senior leaders and copied to the Chairman of Securities and Exchange Board of India (SEBI) and the stock exchanges where Satyam is listed. "We are obviously shocked by the contents of the letter. The senior leaders of Satyam stand...


Word of the Day
Cthulhu
  • A gigantic fictional humanoid alien god being described with a head resembling an octopus and dragon wings and claws, around whom an insane cult developed.
  • Pertaining to the mythos of Cthulhu and additional otherworldly beings created by H. P. Lovecraft or inspired by his writings and imitators.
This word was invented in 1926 by H.P. Lovecraft for his short story, 'The Call of Cthulhu.' 'Cthulhu' may be based on the word 'chthonic,' which in Greek mythology refers to the underworld.
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