Satyam Computer ,fraud in accounts

• Satyam Computer Services founder-chairman B Ramalinga Raju resigned from the IT major's board after admitting a multi-crore fraud in the company’s accounts.
  In a notification to the stock exchanges, the Hyderabad-based IT firm said Raju and Managing Director Rama Raju had resigned early Wednesday(7 th Jan 2009) and that the Securities and Exchanges Board of India (SEBI) had been informed.



• He admitted to have inflated cash and bank balances of Rs 5,040 crore as against Rs 5,361 crore reflected in the books of accounts.



• Shares of the company plunged by over 40 per cent soon after the resignations. Satyam, considered a ripe proposition for acquisition, was pushed into crisis after Raju was forced to abandon the acquisition of Maytas Infrastructure and Maytas Properties promoted by his son.