Resignation Of Ramalinga Raju From Satyam LeakedIf you have been watching TV today, you may know that Satyam shares went down almost 80% today. The chairman, Ramalinga Raju, resigned after revealing that he had systematically falsified accounts.
Mr. Raju said Wednesday that 50.4 billion rupees, or $1.04 billion, of the 53.6 billion rupees in cash and bank loans the company listed in assets for its second quarter, which ended in September, were nonexistent. The resignation letter of Ramalinga Raju went online and can be seen at Facebook
Check out the screenshots of Ramalinga Raju's resignation letter
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This will not only affect thecompanies involved with Satyam but raised questions over accounting standards in India as a whole, as observers asked whether similar problems might lie buried elsewhere. The risk premium for Indian companies will rise in investors’ eyes, said Nilesh Jasani, India strategist at Credit Suisse.
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