B.Ramalinga Raju, the architect of the mega fraud that has brought India’s fourth largest IT services company Satyam Computer to its knees, has been arrested on charges of criminal breach of trust, criminal conspiracy, cheating, falsification of record and forgery. The arrest is no surprise considering that Raju has confessed to engaging in massive accounting […]
The Government of India has kicked out Satyam’s board and plans to nominate 10 members, according to media reports coming from India. Satyam’s board meeting scheduled for Saturday has also been cancelled. Here’s the text of the statement issued by India’s Minister for Corporate affairs Prem Chand Gupta on disbanding Satyam’s board: You have been […]
All ye Satyam employees, if you haven’t already started looking for a job elsewhere you need to get your head examined. Jump ship before the coming carnage in the form of massive layoffs. Once the massive layoffs are announced, there will be far too many candidates scrambling for far too few openings. Dust off your […]
The New York Stock Exchange has not permitted trading in Satyam ADRs to resume. The NYSE halted trading in Satyam ADRs on Wednesday prior to the opening of the market after disclosures of accounting irregularities at the company. Acknowledging that trading in the Satyam ADRs was halted today as well, an NYSE spokesman said Thursday: We […]
Is there anyone at Satyam with cojones and a broom-stick? Well, you need both to kick out interim CEO Ram Mynampati. Today, Ram Mynampati vowed to stay at the company. And that is a big shame. The clueless fella has been at Satyam for aeons and claims he had no idea of the shenanigans at the company. Kick […]
Crook Raju rather than Ramalinga Raju sounds like a better name for the guy who was responsible for wiping out Rs 10,000 crore in market capitalization on the stock exchange today. Now, this fella is a real WMD (Weapon of Mass Destruction). Just imagine how much havoc and uncertainty he’s created in employees’ and investors’ […]