5. SATYAMSCANDAL On 7 January 2009, company’s previous Chairman RamalingaRaju resigned after notifying board members and the Securities and Exchange Board of India (SEBI) that Satyam's accounts had been falsified Raju confessed that Satyam's balance sheet of 30 September 2008 contained: Inflated figures for cash and bank balances of Rs 5,040 crore (US$ 1.04 billion) (as against Rs 5,361 crore (US$ 1.1 billion) crore reflected in the books). An accrued interest of Rs. 376 crore (US$ 77.46 million) which was non-existent. An understated liability of Rs. 1,230 crore (US$ 253.38 million) on account of funds was arranged by himself. An overstated debtors' position of Rs. 490 crore (US$ 100.94 million) (as against Rs. 2,651 crore (US$ 546.11 million) in the books). Raju claimed in the same letter that neither he nor the managing director had benefited financially from the inflated revenues. He claimed that none of the board members had any knowledge of the situation in which the company was placed
6. ACTUAL DEBT WAS 2161 OVERSTATED 490 CR. SATYAM CURRRENT ASSETS ACTUAL CASH IN BANK WAS 321 INFLATED 5040 CR. NO ACCRUED INTEREST 376.34 CR. LIABILITIES UNDERSTATED LIABILITY 1230 Cr. Which was ARRANGED BY MR.RAJU ARTIFICIALLY ADDED 588 OPERATING PROFIT ADDED 588 INCREASING THE CASH RESERVE ONLY FOR Q2 ALONE TO 588
10. THE SEBI SATYAM The Sebi had in December given a clean chit to Satyam in the probe on violation of corporate governance law.
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12. Tech Mahindra wins bid for Satyam Scam SATYAM Ø Tech Mahindra is paying Rs1757 crorefor a 31% stake in the company, or Rs 58per share.Ø Satyam Computer Services has now zoomed 15% to Rs 54.20 ahead of theannouncement of the highest bidder forthe company on April 13, 2009.Ø In India this moment was full of praisefor the manner and speed with which thereconstituted board of Satyam ComputerServices found a strategic investor .
