Business Daily from THE HINDU group of publications
Saturday, Jan 10, 2009
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Business Daily from THE HINDU group of publications Saturday, Jan 10, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Economic Offences Info-Tech - Software Corporate - Corporate Governance
Mr B. Ramalinga Raju Our Bureau Hyderabad, Jan. 9 On a day of dramatic developments at Satyam Computer Services, one thing became clear: Mr B. Ramalinga Raju is likely to appear before SEBI (Securities and Exchange Board of India) on Saturday at 4.30 p.m. Top police officials maintained that they would swing into action after a valid complaint is made. It has been established that Mr Raju, whose whereabouts were under doubt, was in Hyderabad. Examining recordsMeanwhile, a special team from the Serious Frauds Investigation Office in the Ministry of Corporate Affairs (MCA) landed in Hyderabad and was examining the records of Satyam Computers. The legal counsel for the former Satyam Chairman, Mr S. Bharat Kumar, said, “I have made a presentation, answering their queries. They wanted Mr Raju to depose before them. We asked for three days time but they insisted that he attend tomorrow,” he said. During the day, the special SEBI team and officials of the Registrar of Companies (RoC) continued their investigations to unearth evidence in the fudging of the balance sheet to the tune of Rs 7,136 crore by Mr Raju. Share priceThe price of Satyam share fell by 40.30 per cent to end at Rs 23.85 as trade closed at Bombay Stock Exchange on Friday. It opened at Rs 39.95. The marketcap of the company had plummeted to Rs 1,596.50 crore on Friday from Rs over Rs 12,000 crore a few days ago. As the company grapples with the gloomy situation, the interim leadership wrote a letter to employees, listing out top customers, including Microsoft, Oracle and a top Japanese automobile firm, which reposed confidence with the company. The crime branch of the Andhra Pradesh police began a probe into the accounting fraud, says IANS. The Criminal Investigation Department’s (CB-CID) team checked records at Satyam’s headquarters here and spoke to associates of Mr Raju . More Stories on : Economic Offences | Software | Corporate Governance | Satyam Computer Services Ltd
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