Byrraju Ramalinga Raju
- ️Thu Sep 16 1954
| Ramalinga Raju | |
|---|---|
 |
|
| Born | September 16, 1954 (age 56) Garagaparru Village, Bhimavaram, Andhra Pradesh, India |
| Residence |  Hyderabad, India |
| Nationality | Indian |
| Occupation | former Chairman of Satyam Computer Services |
| Spouse | Nandhini |
Ramalinga Raju founded Satyam Computers in 1987 and was its Chairman until January 7, 2009 when he resigned from the Satyam board after admitting to cheating six million shareholders.[1][2] After being held in Hyderabad's Chanchalguda jail on charges including cheating, embezzlement and insider trading, Raju was granted bail on 18 August 2010.[3]
A botched acquisition attempt involving Maytas in December 2008 led to a plunge in the share price of Satyam.[4] In January 2009, Raju indicated that Satyam's accounts had been falsified over a number of years.[4] He admitted to an accounting dupery to the tune of 7000 crore rupees or 1.5 Billion US Dollars and resigned from the Satyam board on January 7, 2009.[5][6] In his letter of resignation, Raju described how an initial cover-up for a poor quarterly performance escalated: "It was like riding a tiger, not knowing how to get off without being eaten."[7] Raju and his brother, B Rama Raju, were then arrested by the Andhra Pradesh police on charges of breach of trust, conspiracy, cheating, falsification of records. Raju may face life imprisonment if convicted of misleading investors.[8] Raju had also used dummy accounts to trade in Satyam's shares, violating the insider trading norm.[9] It has now been alleged that these accounts may have been the means of siphoning off the missing funds.[10] Raju has admitted to overstating the company's cash reserves by USD$ 1.5 billion.[10][11] Raju was hospitalized in September 2009 following a minor heart attack and underwent angioplasty. Raju was granted bail on condition that he should report to the local police station once a day and that he shouldn't attempt to tamper with the current evidence. This bail was revoked on 26 October 2010 by the Supreme Court of India and he has been ordered to surrender by 8 November 2010.[12] The people of his native village, Garagaparru, hail the development works undertaken by the Byrraju Foundation, the charitable arm of Satyam.[13]
Ramalinga Raju may head India’s first BPO from prison.[14]
See also
References
- ^ Bhosekar, Prasaad (7 January 2009). "Village refuses to abandon Satyam chief". Zee (Zee News Limited). http://www.zeenews.com/zeeexclusive/2009-01-07/496727news.html. Retrieved 2009-01-08.
- ^ "Text of Mr Ramalinga Raju’s statement". Business Line (The Hindu). 7 January 2009. http://www.thehindubusinessline.com/businessline/blnus/05071265.htm. Retrieved 2009-01-08.
- ^ "Former Satyam chief Ramalinga Raju suffers heart attack, Times of India, September 9, 2009
- ^ a b Joe Leahy (08-01-2009). "The $1bn black hole at the heart of company's finances". Financial Times. http://www.ft.com/cms/s/0/24e4d8d4-dcf1-11dd-a2a9-000077b07658.html.
- ^ Blakely, Rhys (8 January 2009). "B. Ramalinga Raju, chairman of Satyam, admits £1bn fraud and quits". The Times (London) (News International Limited). http://business.timesonline.co.uk/tol/business/industry_sectors/technology/article5469536.ece. Retrieved 2009-01-08.
- ^ "Mr Raju's resignation letter". BBC News (BBC). 7 January 2009. http://news.bbc.co.uk/1/shared/bsp/hi/pdfs/07.01.09_ramalingarajuletter.pdf. Retrieved 2009-01-08.
- ^ "Satyam stunner: Highs and lows of Raju's career". Reuters (CNN-IBN). January 7, 2009. http://ibnlive.in.com/news/satyam-stunner-highs-and-lows-of-rajus-career/82183-7.html?from=rssfeed. Retrieved 2009-01-07.
- ^ Blakely, Rhys (January 10, 2009). "Raju brothers charged with forgery in $1bn Satyam case". The Times (London) (News International Limited). http://business.timesonline.co.uk/tol/business/industry_sectors/technology/article5485034.ece. Retrieved 2009-01-10.
- ^ "Raju had opened multiple benami accounts: I-T probe". NDTV (NDTV). http://www.ndtv.com/convergence/ndtv/story.aspx?id=NEWEN20090079818. Retrieved 2009-01-15.
- ^ a b "Indian Executive Is Said to Have Siphoned Cash, New York Times, January 17, 2009
- ^ "Indian IT scandal boss arrested". BBC News (BBC). 9 January 2009. http://news.bbc.co.uk/1/hi/business/7821087.stm. Retrieved 2009-01-10.
- ^ "Satyam boss Raju's bail cancelled". BBC News. 26 October 2010. http://www.bbc.co.uk/news/world-south-asia-11628029.
- ^ http://www.indianexpress.com/news/ramalinga-rajus-village-still-blesses-him/408725/
- ^ "Satyam’s Ramalinga Raju may head prison BPO". WorldSnap. 29 October 2010. http://news.worldsnap.com/business/satyams-ramalinga-raju-may-head-prison-bpo-94323.html.
External links
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