Ramalinga Raju, the chairman of the Satyam Computers Resigned in Wake of his fraud committed for the Satyam Computer as well as the World bank. The Company was forced its Employee to buy Shares of its own Day before Yesterday. As a result the employee there Purchased at an average of 100 shares each. Yesterday when market closed the face value of each share was 188 and today it went down below 30. The Sathyam was doing projects for the World banks and its relation banks revealed the secret, which was the main cause for the break down. It was also said that Mr. raju was missing and he is predicted to be around Hyderabad.
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