The Chairman of IT major Satyam Computers, Ramalinga Raju, has submitted his resignation. Satyam has been going through troubled times lately.
The resignation was sent to the Board members today. Inflated revenue was reported for several years by the company. The large-scale fraud has stunnded even the board members.
The figure of artificial cash in the balance sheets was to the tune of Rs 588 crore. Raju has nominated Ram Mynampati as Chief Executive Officer, in the letter sent to the Board. He tried to fill fictitious assets with the Maytas deal.
Large scale irregularities surfaced in the Satyam books. Reacting to his decision to step down, Raju said that he was ready to face the law of the land.
Earlier, the World Bank had banned Satyam for a period of eight years. The charges included data theft, bribing of employees and other malpractices. Several of its directors have resigned recently.
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