Corrected: The Assets’ side total is Rs 2889 crore and not Rs 2936 crore as was earlier stated, in the last paragraph.
Scam
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Satyam’s options are not many
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Can Satyam continue to function under a tainted board? Satyam’s board was already a thinly manned one, with just five members. Two are the promoters B Ramalinga Raju and his brother B Rama Raju who have given their resignations. Ram Mynampati is the senior executive on the board. He has been with Satyam since 1999. The company website says he is the president, commercial and healthcare, since October 2002. It is very difficult to imagine him as the interim CEO, as Raju’s letter proposes, in a situation where trust in its board has evaporated. Continue Reading →
Filed under: Companies, News Analysis, Directors, Satyam, Satyam Scam, Scam
Satyam’s shocking admission: revenues, profits and cash inflated
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Satyam Computer Services is staring at a big hole in its books, due to falsification of accounts over a number of years, by its promoters. Even as the seriousness and extent of the problem will emerge over the next few weeks, the company could even be staring at bankruptcy, unless a quick bailout is arranged.