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.
Popular stories
-
Bollywood star and Samajwadi Party leader Sanjay Dutt has alleged that the Mumbai police had tortured him when he was in custody in the Mumb...
-
"The burning of Sabarmati Express at Godhra was a pre-planned conspiracy", claim leaders of Patel agitation. They have alleged... -
Twelve persons including four women were killed during a stampede at the Husain Tekri shrine in Jaora (Ratlam) in Madhya Pradesh on Saturday... -
Hundreds of residents, activists and local politicians burnt the copies of the Hindi newspaper Navbharat Times today. They were upset w... -
Shahrukh Khan has said that he offers Id prayers at the roof of his house along with Muslim friends. The reason is that he would get mo...