Satyam’s chairman Ramalinga Raju resigns and admits fraud !!

 

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Satyam Computer on Wednesday plunged into a deep crisis, as B Ramalinga Raju resigned as its chairman after admitting to majorfinicial wrong doings.The beleaguered IT giant, already under scanner over the aborted acquisition of firms promoted by the chairman’s family, received a rude shock days ahead of its January 10 board meeting, with Raju stepping down along with his brother and Managing Director B Rama Raju.

Shares of Satyam plunged by over 50% immediately after the announcement of resignations, necessitating an overhaul of the Board and management.Raju will continue as chairman till the Board finds a replacement, even as speculation was rife that Satyam President Ram Mynampati would take over as chairman

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