B Ramalinga Raju | SilverScorpio.Com

Satyam founder Raju placed under medial observation for 48 hours

September 8, 2009 By admin Leave a Comment

Hyderabad, Sep 8 (ANI): Satyam Computers founder B Ramalinga Raju, who suffered a massive heart attack on Monday, has been put under observation for next 48 hours in the Intensive Care Unit (ICU) of the Nizam’s Institute of Medical Sciences (NIMS) hospital.

According to hospital sources, Raju has also been diagnosed with the Hepatitis C.

Doctors said, Raju’s condition is stable and that he needed rest for a long period.

According to jail sources, Raju suffered a cardiac arrest at around 8 p.m, was initially attended by the jail doctors before being shifted to NIMS hospital.

Raju, who has been under judicial custody at the Chanchalguda jail for the past eight months in connection with Rs 8,000 crore corporate fraud, facing criminal charges including fraud, forgery, cheating, embezzlement and insider trading along with his brother and Satyam’s former managing director Rama Raju and others.

Raju, will turn 55 on September 16.

Raju was Satyam’s Chairman until January 7, 2009 when he resigned from the company’s board after admitting to corporate fraud. The Andhra Pradesh Police arrested him on January 9.

Satyam was created by Raju and others and was until recently perceived to be among the top Indian IT companies. (ANI)

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Court extends judicial custody of Satyam accused till July 22

July 8, 2009 By admin Leave a Comment

Hyderabad, July 8 (ANI): A local court on Wednesday extended the judicial custody of former Satyam Computers chairman B Ramalinga Raju and other accused in connection with the 7,800 crore fraud at the IT major till July 22.

The accused-Ramalinga Raju, his brother and Satyam’s former managing director Rama Raju, ex-CFO V Srinivas, former partners of Price Waterhouse S Gopalakrishnan and T Srinivas along with Satyam Computer Services former employees G Ramakrishna, D Venkatapathi Raju and Ch Srisailam-were produced before the XIV additional chief metropolitan magistrate.

All are lodged at Chanchalguda Jail here.

Suryanarayana Raju, who is on anticipatory bail, was also produced in the court.

Ramalinga Raju allegedly admitted overstating its cash reserves by USD 1.5 billion dollars.

Later, allegations have been made that the company’s assets were not inflated, but instead siphoned off by Ramalinga Raju.

Raju is currently held in Hyderabad’s Chanchalguda Jail on criminal charges including fraud, forgery, cheating, embezzlement and insider trading. (ANI)

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Judicial remand of Satyam accused extended till July 8

June 27, 2009 By admin Leave a Comment

Hyderabad, June 24(ANI): Judicial remand of the Satyam Computer accused, including its founder B Ramalinga Raju, was extended by a local court on Wednesday by 14 days to July 8.

The accused were produced before the XIV additional chief metropolitan magistrate, who extended the judicial remand of Ramalinga Raju and other accused for alleged involvement in the multi-crore financial fraud.

The accused in the case in jail are Ramalinga Raju, his brother Rama Raju, Satyam’s former Chief Financial Officer Vadlamani Srinivas, former auditors of PriceWater Cooper G Gopalakrishnan and his deputy Talluri Srinivas and Satyam employees G Ramakrishna, D Venkatpathi Raju and Ch Srisailam.

Suryanarayana Raju, who is on anticipatory bail, was also produced in the court.

B Ramalinga Raju is currently held in Hyderabad’s Chanchalguda jail on criminal charges including fraud, forgery, cheating, embezzlement and insider trading. (ANI)

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Satyam – Tech Mahindra renamed Satyam – Satyam -Mahindra group and inherent strength of Satyam brand – Satyam Computers is now Mahindra Satyam – scam-tainted Satyam Computer Services – scam-tainted

June 21, 2009 By admin Leave a Comment

Satyam – Tech Mahindra renamed Satyam – Satyam -Mahindra group and inherent strength of Satyam brand – Satyam Computers is now Mahindra Satyam – scam-tainted Satyam Computer Services – scam-tainted

June 21 (IANS) Two months after taking over scam-tainted Satyam Computer Services, Tech Mahindra Sunday renamed the IT major as Mahindra Satyam. The logo will be adopted from the Mahindra Group. “This strategic move paves the way for the emergence of a robust brand, which draws from the core values of the Mahindra group and the inherent strength of the Satyam brand,” said a company statement here Sunday evening.

“Customer centricity, high standards of corporate governance, unimpeachable ethics form the cornerstones of the Mahindra Group,” said Mahindra Group vice chairman and managing director Anand Mahindra.

“This rebranding exercise symbolizes an amalgamation of the Mahindra Group’s values with Satyam’s fabled expertise, even as it retains that part of Satyam’s identity which signifies commitment, purpose and proficiency of the organization and its people,” the statement said.

Satyam’s executive vice chairman Vineet Nayyar described the move as “a significant milestone towards the recovery of the company”.

Tech Mahindra, owned by the $6.3 billion Mahindra Group, bought the scam-hit IT company in an open auction in April.

The re-branding comes six months after Satyam’s founder and then chairman B. Ramalinga Raju confessed to a Rs.78-billion accounting fraud.

The government launched a probe, superseded the board, and put the company up for sale in open auction.

Ramalinga Raju, his brother Rama Raju, former chief financial officer Vadlamani Srinivas and five other accused are currently in jail.

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Satyam Australia chief quits

May 27, 2009 By admin Leave a Comment

Melbourne, May 27 (ANI): The E head of Satyam Computer Services in Australia, Deepak Nangia, has resigned.

Nangia told The Australian he left the company around three weeks ago to pursue other opportunities.

During his seven-year tenure, Nangia built Satyam Australia into a 200 million dollar company, securing blue chip clients such as Telstra, National Australia Bank and Qantas.

However, the actions of Satyam founder and chairman B. Ramalinga Raju, who admitted to over-inflating the value of the company’s cash and bank balances by more than one billion American dollars hurt its reputation and bottom line.

A Satyam spokeswoman said Nangia’s successor will be named soon.

Like many of his counterparts in other countries, Nangia has been battling to retain Satyam’s clientele.

However some clients, including Telstra and NAB, have either decided to cut all ties or reduce their engagement with the Indian firm.

Satyam’s bid to build a 75 million dollar, 10 hectare software facility at Deakin University in Geelong remains in limbo more than a year after it was first trumpeted.

Late last year, Nangia said that Satyam employed around 1000 people locally, with an additional 700 workers in India servicing Australian customers.

Despite being acquired by Tech Mahindra, Satyam’s finances are still in bad shape, with revenue on a downward spiral. (ANI)

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CBI collects specimen signatures of Satyam accused

April 9, 2009 By admin Leave a Comment

Hyderabad, Apr 9 (ANI): The Central Bureau of Investigation (CBI) on Thursday collected the specimen signatures of Satyam Computers Chairman B Ramalinga Raju and four other accused in connection with the 7,800 crore fraud at the IT major.

The CBI obtained 60 signatures each of B Ramalinga Raju, his brother Rama Raju, ex-Chief Financial Officer Vadlamani Srinivas and the two sacked auditors of PriceWaterhouse, S Gopalkrishnan and Talluri Srinivas, in the presence of the Additional Chief Metropolitan Magistrate.

The CBI had earlier sought the court’s permission to gather the signatures of the accused so as to compare them with the ones in seized vouchers, cash memos and other false and fabricated documents.

All of the accused were brought to the court amid tight security from the Chanchalguda Jail.

They were returned to the jail before 12 p.m.

On Tuesday, the CBI had filed a 76-page charge sheet against Ramalinga Raju and eight others before a special court here under various sections of the Indian Penal Code for cheating and forgery.

It had submitted 1,532 original documents of bank transactions and 65,000-page other documents, which included the statements of 432 witnesses in the case along with the charge sheet in the court. (ANI)

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Disgraced founder of India’s Satyam charged, AS

April 8, 2009 By admin Leave a Comment

NEW DELHI (AP) India’s federal investigator has filed charges of criminal conspiracy, cheating and forgery against the disgraced founder of Satyam Computer Services, B. Ramalinga Raju, and eight others for stealing millions of dollars from the company. The Central Bureau of Investigation filed the charge sheet on Tuesday in a magistrate’s court in the southern Indian city of Hyderabad where the company is based, it said in a statement.

Satyam plunged into turmoil following Raju’s revelations in January of overstating profits and creating a fictitious cash balance of more than $1 billion. Besides Raju, charges have also been filed against his brother and former managing director B. Rama Raju, former chief financial officer S. Vadlamani, assistant finance manager Srisailam Chetkuru, and auditors S. Gopalakrishnan and S. Talluri.

The others charged B. Suryanarayana Raju, G. Ramakrishna, D. Venkatapati Raju were executives at a company linked to Satyam. If convicted, the accused can be jailed for life.

Police arrested the eight not long after the financial scandal came to light in early January. Other charges filed against them include using a forged document, falsification of accounts and causing disappearance of evidence, the statement said.

The CBI said that it completed the investigation involving 433 witnesses in a record 45 days. Other government agencies investigating the company include capital markets regulator, SEBI, the registrar of companies, and the serious fraud investigations office.

The magistrate’s court is expected to begin pretrial proceedings soon, though no date has been fixed so far.

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Ex-Satyam owner Raju charge sheeted by CBI

April 7, 2009 By admin Leave a Comment

Hyderabad, Apr.7 (ANI): The Central Bureau of Investigation (CBI) on Tuesday filed a charge sheet against Satyam founder B Ramalinga Raju and eight others.

The 76-page charge sheet was filed before the special court here under various sections of Indian Penal Code for cheating and forgery.

The company’s former managing director, Rama Raju, former chief financial officer, Vadlamani Srinivas, and the two sacked auditors of PriceWaterhouse, S Gopalkrishnan and Talluri Srinivas were also named in the charge sheet.

Satyam employees G Ramakrishna (Vice President- Finance), D Venkatpathi Raju and Srisailam, both in the finance department of the company, also figured in the charge sheet.

Raju’s another brother Suryanarayna Raju, a director with SRSR Advisory Services is the ninth person named in the charge sheet.

Eight of the nine accused are in judicial custody and are lodged in the Chanchalguda jail here.

The CBI submitted 1,532 original documents of bank transactions and 65,000-page other documents, which included the statements of 432 witnesses in the case along with the charge sheet in the court. (ANI)

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L and T, Spice short listed for Satyam bidding

March 24, 2009 By admin Leave a Comment

L and T and Spice Group have emerged as front runners among seven other players for acquiring 51 per cent stake in the tainted Satyam Computer Services.

The company has been in limelight following the disclosure of largest ever corporate auditing fraud by its founder chief B Ramalinga Raju and other top executives of the Indian outsourcer.

Tech Mahindra and three other Private Equity firms are also reportedly short listed by government appointed board of company for the final bidding process. The board is likely to dispatch letters to short listed firms within a couple of days as per some unofficial sources.

Meanwhile, Spice Group, BK Modi confirmed that his company has cleared second stage and expressed ignorance about other short listed firms who put their expression of interest last Friday. He said that the emphasis should be given to bring transparency in the selection process, demanding exercise of the e-auction.

He hoped that the government appointed Satyam’s Board would soon resolve the transparency issue, indispensable for the successful and fare bidding process.

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Court to decide on Ramalinga Raju’s CBI custody today

March 9, 2009 By admin Leave a Comment

Hyderabad, Mar 9 (ANI): The XIV Additional Chief Metropolitan Magistrate will today hear the petition of CBI seeking custody of Satyam’s former Chairman B Ramalinga Raju and others.

On Friday, a local court had reserved its order for today after hearing the arguments of CBI counsel and defence lawyers.

On March 3, the CBI had filed a petition seeking seven days custody of Raju brothers, former Satyam CFO V Srinivas and the two sacked auditors of PwC, which audited Sataym’s accounts.

All the five are in judicial remand now and are lodged in Chanchalguda jail.

On February 20, the CBI had constituted a multi-disciplinary investigation team for the probe.

On January 7, Ramalinga Raju confessed to fraudulent manipulation of accounts over several years by inflating the company’s profits and assets.(ANI)

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Court adjourns market regulator’s plea to quiz former Satyam chief

January 31, 2009 By admin Leave a Comment

Hyederabad, Jan 31 (ANI): A judge of a trial court in Hyderabad has adjourned to February 9, the hearing of petition of the Securities and Exchange Board of India (SEBI) to grill Ramalinga Raju, the founder of Satyam Computer Services.

The court said it would not pass an order without hearing from Raju and his brother B Rama Raju.
“As far as permission to interrogate in concerned, I pressed for an interim order but the court said it would not like to pass such an order without hearing them. So he said that aspect will also be considered on February 9,” said Goolam E. Vahanvati, Solicitor General and also counsel for SEBI.

On January 7, B Ramalinga Raju confessed to fraudulent manipulation to the tune of rupees 7,136 crores over several years by inflating the company’s profits and assets.

Although the Satyam scandal, India’s biggest corporate fraud, has shattered global confidence in India’s corporate governance, the other IT companies have assured the rest of the world that all relevant services are professionally and ethically in order and as such there should be no room for any doubt about the professional integrity of Indian companies. (ANI)

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Andhra Pradesh HC rejects ex-Satyam chief Raju’s revised petition

January 19, 2009 By Rajesh Leave a Comment

Hyderabad, Jan 19 (ANI): The Andhra Pradesh High Court on Monday rejected a revision petition filed by Satyam Computer Services former Chairman B. Ramalinga Raju against his police custody.

The petition was dismissed by divisional bench comprising Justices Seethapathi and Swarupa Rani.

Ramalinga Raju, his brother Rama Raju and company’s Chief Financial Officer Vadlamani Srinivas moved the High Court this morning. They were formally taken into police custody for four days and were grilled by Crime Investigation Department (CID) sleuths.

Earlier in the day, a Hyderabad court fixed January 22 as the next date for hearing the bail plea of Ramalinga Raju.

A court also deferred SEBI petition seeking permission to question Ramalinga Raju till the same date.

Police stepped up their investigation into the case, having charged Ramalinga Raju and B. Rama Raju with criminal conspiracy and forgery after Raju admitted profits had been falsified for years and quit.

A case has been filed against Raju under Sections 120-B (criminal conspiracy), 406 (criminal breach of trust), 420 (cheating), 468 (forgery for cheating) and 477-a (fraudulent cancellation of securities) of IPC.

Raju had disclosed a financial fraud in the company to the tune of Rs 7,800 crore by inflating profits and showing fictitious assets where none existed.

The company’s scrip has fallen nearly 80 per cent since the revelation was made. (ANI)

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Ex-Satyam chief Raju’s bail plea hearing postponed till January 22

January 19, 2009 By Rajesh Leave a Comment

Hyderabad, Jan 19 (ANI): A Hyderabad court on Monday fixed January 22 as the next date for hearing the bail plea of Satyam’s former chief B Ramalinga Raju.

A court also deferred SEBI petition seeking permission to question Ramalinga Raju till the same date.

Ramalinga Raju, his brother Rama Raju and company’s Chief Financial Officer Vadlamani Srinivas, are in police custody since Sunday. They were formally taken into police custody for four days and were grilled by Crime Investigation Department (CID) sleuths.

Earlier, Raju filed a revision petition in Andhra Pradesh High Court against his police custody.

Raju had disclosed a financial fraud in the company to the tune of Rs 7,800 crore by inflating profits and showing fictitious assets where none existed.

The company’s scrip has fallen nearly 80 per cent since the revelation was made. (ANI)

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Ex-Satyam chief Raju files revision petition in Andhra Pradesh HC

January 19, 2009 By Rajesh Leave a Comment

Hyderabad, Jan 19 (ANI): Satyam Computer Services former Chairman B. Ramalinga Raju filed a revision petition in Andhra Pradesh High Court today against his police custody.

Ramalinga Raju, his brother Rama Raju and company’s Chief Financial Officer Vadlamani Srinivas are in police custody since Sunday. They were formally taken into police custody for four days and were grilled by Crime Investigation Department (CID) sleuths.

Meanwhile, a Hyderabad court will hear the bail plea of Ramalinga Raju, Rama Raju and Vadlamani Srinivas.

All are in judicial custody till January 23 and have been lodged in the Chanchalguda Central Prison.

Besides, a court will take up a SEBI petition seeking permission to question Ramalinga Raju.

Raju had disclosed a financial fraud in the company to the tune of Rs 7,800 crore by inflating profits and showing fictitious assets where none existed.

The company’s scrip has fallen nearly 80 per cent since the revelation was made. (ANI)

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CPI (M) demands PM to extend area of probe in Satyam case to Maytas firms

January 18, 2009 By Rajesh Leave a Comment

New Delhi/Hyderabad, Jan.18 (ANI): The Communist Party of India (M) on Sunday requested the Prime Minister Dr. Manmohan Singh to further the scope of investigation into the Satyam scam to other group entities, including the Maytas firms, promoted by family of B. Ramalinga Raju who founded the IT major.

CPI(M) General Secretary Prakash Karat through a letter written to Dr. Singh, has said: “In the light of the nexus between the Satyam-Maytas group of companies, the probe should be extended to all Maytas concerns,”

Karat said to restore public confidence an investigation to uncover all the illegal dealings of these companies was a must.

“Since the fraudulent dealings of the promoter of Satyam Computers Services became public, there is a growing evidence that funds were siphoned off from Satyam to the Maytas group of companies which are run by the family members of Ramalinga Raju,” Karat stated.

Karat also alleged that Maytas group of companies had accumulated a huge amount of land all over Andhra Pradesh and other states.

“Some of the land dealings are obviously irregular and are violative of the law. One such instance is the allotment of 50 acres of government land in Vishakapatanam district to Satyam,” Karat added.

Revealing the financial wrongdoings, Satyam founder and former chairman B Ramalinga Raju on January 7 had admitted to cooking up the balance sheet of the company in the past seven years to the tune of Rs 7,800 crore.

The case is being investigated by multiple agencies, including the Serious Fraud Investigation Office (SFIO), an entity that probes grave economic offences, are now investigating into fraud. (ANI)

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Andhra minister says Centre actively probing Satyam case(Satyam-Update)

January 18, 2009 By Rajesh Leave a Comment

Hyderabad, Jan.18 (ANI): Andhra Pradesh Finance Minister K. Rosiah on Sunday said that the Central Government is actively probing the fraud case involving software major Satyam Computer Services.

“The Government of India is actively looking into all these things. Their agencies are more capable of looking into all these aspects. Government of India is alert to the happenings, yesterday Prime Minister himself said that the fall of Satyam company has brought disrepute to this country. So, let the Government of India do its exercise, state government also will have its own method,” said Rosaiah.

Rosiah’s statement came hours after police took former Satyam Computer Services chairman B. Ramalinga Raju into its custody for interrogation on Sunday for four days following a local court order in relation to the Rs. 7800 crore financial fraud in the company.

Ramalinga Raju and his brother B Rama Raju, Satyam’s co-founder and managing director, were arrested late on Friday, on charges of criminal breach of trust, criminal conspiracy, cheating, falsification of records and forgery.

Raju’s counsel had earlier argued the case saying various investigating authorities have already laid their hands on various records concerning the offence and so it is not imperative for custodial interrogation by the police.

Chairman and founder Raju resigned after revealing years of accounting fraud at Satyam, including an admission that about a billion dollars, or 94 percent of the cash and bank balances on Satyam’s books at end-September, did not exist.

Several securities fraud class action lawsuits have been filed in the United States on behalf of investors who bought Satyam American Depository Receipts (ADRs) in the last five years.

The accounting fraud battered Satyam shares, with its market value plunging to 330 million dollars at last Friday’s close, against more than seven billion dollars just six months ago.

Hyderabad-based Satyam specialises in business software and back-office services for clients including General Electric and Nestle. (ANI)

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Satyam, Wipro blamed for 4 billion dollar loss on US stock bources in a week

January 18, 2009 By Rajesh Leave a Comment

New York, Jan 18 (ANI): Satyam Computer Services and Wipro are being blamed for a loss of 4 billion dollars on the American bourses in the last week.

Satyam founder B Ramalinga Raju has been found guilty of committing a fraud that has led the market valuation of his company to diminish by 2.7 million US dollars for the week ended January 16. The trading on shares of the company resumed on January 13 after it closed down following the exposure of the accounting fraud.

Wipro, another leading IT company which has been barred from the World Bank from receiving any contracts till 2011, also has seen its market valuation plunging down to approximately 1.5 billion US dollars during the same period.

The total valuation of 16 Indian stocks listed as American Depository Receipts (ADRs) on NYSE and Nasdaq, dropped by six billion dollars in a single week.

Trading of Satyam stopped after its American Depository Receipt (ADR) crashed to 90 percent after the admission of Raju.

The private sector lender’s market capitalisation dropped one billion dollars making ICICI a major loser. Valuation of HDFC presented a sad picture of decline of 883 million dollars for the week ended January 16.

However, Infosys remained largely unaffected and added 705 million dollrs to its market share, thanks to the company’s net profit which soared 33.3 per cent to at Rs 1,641 crore for the December quarter.

The queue of other Indian ADR’s who lost their market value seems ending with telecom major Tata Communication, copper producer Sterlite Industries, auto maker Tata Motors and another telecom firm Mahanagar Telephone Nigam.

While Tata Communications fell by 247 million dollars, Sterlite industry’s market cap declined by 240 million dollars. Tata Motors got hard hit of a 100 million dollrs and Mahanagar Telephone Nigam fell by 44 million dollars.

Other than infosys, leading BPO’s like Genpact and WNS, pharma major Dr Reddy’s Laboratories and internet firm Sify Technologies managed to hold a safe position in the market capital. These companies together gained in the range of 12 to 73 million dollars. (ANI)

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Satyam founder Raju placed under medial observation for 48 hours

Court extends judicial custody of Satyam accused till July 22

Judicial remand of Satyam accused extended till July 8

Satyam Australia chief quits

CBI collects specimen signatures of Satyam accused

Disgraced founder of India’s Satyam charged, AS

Ex-Satyam owner Raju charge sheeted by CBI

L and T, Spice short listed for Satyam bidding

Court to decide on Ramalinga Raju’s CBI custody today

Court adjourns market regulator’s plea to quiz former Satyam chief

Andhra Pradesh HC rejects ex-Satyam chief Raju’s revised petition

Ex-Satyam chief Raju’s bail plea hearing postponed till January 22

Ex-Satyam chief Raju files revision petition in Andhra Pradesh HC

Andhra minister says Centre actively probing Satyam case(Satyam-Update)

Satyam, Wipro blamed for 4 billion dollar loss on US stock bources in a week

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