Satyam's Raju untraceable, SEBI team in Hyderabad
Even as a Securities and Exchange Board of India (SEBI) team reaches Hyderabad to investigate Satyam Computers' Rs 7000 crore fraud, it
s disgraced chief, B Ramalinga Raju remains untraceable.
After admitting to committing a Rs 7,000 crore fraud on Wednesday, Raju faces arrest and could serve as many as 7-10 years in jail.
Amid mounting speculation over his whereabouts, Satyam management has said that it has no idea where Raju is.
Sources in the Hyderabad police have said that Raju had left for Texas on Wednesday morning from Hyderabad airport. Raju has not been seen in public ever since his confession, but TV reports suggest that he could have left for Texas.
There is a petition pending over his Maytas deal for which British Telecom's Solutions firm - U-paid had demanded presence of Raju and senior directors of Satyam for questioning by its lawyers.
According to another TV report, Raju could also have left for Dubai, however, there is no confirmation. Satyam's former chairman is not reachable on his mobile phone.
Ramalinga Raju on Wednesday admitted to a Rs 7,000-crore fraud in the Hyderabad-based company and revealed that the balance sheet of Satyam had been inflated and that he would subject himself to the laws of the land.
On its part, the Hyderabad police said they would take action against him only if a shareholder or the regulator lodges a complaint. Raju had written a letter to the board giving details of the company's balance sheet which has serious financial irregularities including inflated cash balances running into several crores of rupees.
The 54-year-old US MBA Raju's letter of guilt and resignation to the Satyam board and Sebi on Wednesday morning sledge-hammered India Inc, dumbfounded regulators, pummelled the company's stock, knocked the bottom out of the market, and cast a long shadow over industry in general and the IT sector in particular.
Satyam stocks took a serious beating yesterday with this latest news that has shocked investors. The stocks plunged by almost 80 percent at Rs 39 per share, at day close.
Ram Myanpati is acting as interim CEO of the company, who after expressing ``shock'', swung into damage control mode.
Source:ET
s disgraced chief, B Ramalinga Raju remains untraceable.
After admitting to committing a Rs 7,000 crore fraud on Wednesday, Raju faces arrest and could serve as many as 7-10 years in jail.
Amid mounting speculation over his whereabouts, Satyam management has said that it has no idea where Raju is.
Sources in the Hyderabad police have said that Raju had left for Texas on Wednesday morning from Hyderabad airport. Raju has not been seen in public ever since his confession, but TV reports suggest that he could have left for Texas.
There is a petition pending over his Maytas deal for which British Telecom's Solutions firm - U-paid had demanded presence of Raju and senior directors of Satyam for questioning by its lawyers.
According to another TV report, Raju could also have left for Dubai, however, there is no confirmation. Satyam's former chairman is not reachable on his mobile phone.
Ramalinga Raju on Wednesday admitted to a Rs 7,000-crore fraud in the Hyderabad-based company and revealed that the balance sheet of Satyam had been inflated and that he would subject himself to the laws of the land.
On its part, the Hyderabad police said they would take action against him only if a shareholder or the regulator lodges a complaint. Raju had written a letter to the board giving details of the company's balance sheet which has serious financial irregularities including inflated cash balances running into several crores of rupees.
The 54-year-old US MBA Raju's letter of guilt and resignation to the Satyam board and Sebi on Wednesday morning sledge-hammered India Inc, dumbfounded regulators, pummelled the company's stock, knocked the bottom out of the market, and cast a long shadow over industry in general and the IT sector in particular.
Satyam stocks took a serious beating yesterday with this latest news that has shocked investors. The stocks plunged by almost 80 percent at Rs 39 per share, at day close.
Ram Myanpati is acting as interim CEO of the company, who after expressing ``shock'', swung into damage control mode.
Source:ET
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