Mangalorean.com, 7 Jan 2009
Hyderabad, Jan 7 (IANS) Satyam Computer founder-chairman B. Ramalinga Raju's disclosure of committing a Rs.40-billion ($823-million) fraud has shocked corporate India, especially the investors and over 50,000 employees of the country's fourth largest IT services company.
The corporate world was astonished when Ramalinga Raju quit after confessing to the fraud that had been going on for years.
"It is shocking. While we were sensing some trouble ever since the management decided to acquire two companies owned by his family members, we never imagined that the fraud would be on this scale and the chairman himself will admit it," said a shareholder.
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