India's Software Giant Satyam Computer Services in Country's Biggest Corporate Scandal

Tue, 15 May 2007 02:05:38 +0000

Where: Hyderabad, India

January 09, 2009 : Satyam, India’s fourth-largest software company, is at the centre of the country’s biggest corporate scandal. The group’s Chairman, Ramalinga Raju revealed on 7 January, 2009, that around US $1.04 billion (Rs. 5000 crore or 94% of the company’s cash assets, was non-existent, and that figures and account books had been ‘cooked’, or modified, to show profits. Raju resigned from the Board of Directors, and his location is at present unknown.

India Economy on Pitara Kids Network

India's Software Giant Satyam Computer Services in Country's Biggest Corporate Scandal