was an unconfirmed news that ADAG, Mahindra BT, L&T Infotech may team up with PEs for Satyam stake.
Now the CEO of Satyam has resigned,
Recent update:
Satyam related news:
The stock just crashed from 180 to 30 approximately.
Here is a screenshot from rediff business
According to yahoo news report,
Satyam Computers Founder and Chairman Ramalinga Raju has resigned from the Board. Raju has put in his papers and is waiting for the Board's decision.
Satyam has been in news lately because of the Maytas deal. The resignation comes with shocking revelations from the Raju himself.
Confessing to fraud, Raju has written a letter to the board giving details of how the balance sheet has inflated cash balances of Rs 5040 crore and accrued interest of Rs 376 crore is non-existent. Rs 1230 crore was arranged to Satyam and is not reflected in the books.
"I am now prepared to subject myself to the laws of the land and face consequences thereof", the letter said.
Raju has suggested Ram Maynampati as the interim CEO
Securities and Exchange Board of India (SEBI) says that the letter has important implications for the markets and investigation is required to find out who else is involved in this fraud.
read the full news here
Some Quick facts about Satyam:
Established on: June 24, 1987
Global Headquarters: Hyderabad, India
Services Offered:
Application Services, BI & PM, Business Process Outsourcing, Business Value Enhancement, Consulting and Enterprise Solutions, Infrastructure Management Services, Integrated Engineering Solutions, MES and LIMS, Oracle Solutions, Product and Application Testing, Product Lifecycle Management(PLM), SAP Solutions, Six Sigma Consulting, Supplier Relationship Management, and Supply Chain Management.
Development Centers:
Bangalore, Basingstoke, Beijing, Bhubaneswar, Budapest, California, Chennai, Chicago, Dalian, Georgia, Guangzhou, Gurgaon, Hartford, Hyderabad, Kuala Lumpur, Melbourne, Mumbai, Munich, Mississauga, New Jersey, Ontario, Pune, Sao Paulo, Shanghai, Singapore, Sydney, Tokyo, Wiesbaden.
Subsidiaries:
* Satyam BPO
* Citisoft
* CA Satyam
* STI
* China
* Bridge Consultancy
Joint Ventures:
# Satyam Venture Engineering Services Pvt. Ltd.
Financial Summary:
Consolidated Indian GAAP Highlights for FY 2008:
# Revenue: Rs. 8,473.49 crore; a growth of 30.7% over fiscal 2007
# Net Profit after Tax: Rs. 1,687.89 crore; a growth of 20.2 % over fiscal 2007
Employee strength:
# 52,865* (Including employees in subsidiaries and joint ventures)
* Figures as of September 30, 2008
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