Friday, January 23, 2009

Satyam scandal


The Ramalinga Raju is the founder of the india’s 4th largest software company.The company was started in 1987.The twist behind the satyam scandal is the Ramalinga Raju has forged Rs 20crore monthly form the company. He has also said that the employees working in the satyam are 53,000 but the actual employees in the satyam are 40,000.Many bank transactions,transfer of shares and land fraud were done by Ramalinga Raju, then he diverted the money to real estate and benami companies.Raju has confessed 400 benami transactions.The scandal of satyam was started from 2003.
The police has arrested the chairman Ramalinga Raju and the CFO Vadlamani Srinivas for the forged documents.They both are under CID’s custody.Mean while, the Ramalinga raju and Vadlamani Srinivas had resigned from their posts.The police has searched Ramalinga Raju residence,Vadlamani Srinivas residence and satyam offices and seized several documents, computers,laptops and hard disks which could give information about the scandal.
The satyam has appointed new board members after the scandal.They new members are C.Achutan, Kiran Karnik and Deepak Parekh.Mean while, the satyam directors are asking the banks help to distribute salary to the employees. The Ramalinga Raju and the CFO Vadlamani Srinivas are in the judicial remand and the investigation is going on by the police.

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