Ramalinga Raju very happy over Satyam acquisition
Raju founded Satyam in 1987 and nurtured it. More than two decades later in 2009, he disclosed that he had been inflating profits. Latest Pics of Raju | Raju's arrest
By PTI |
HYDERABAD: Satyam Computer is set to embark on a new trajectory under the leadership of Tech Mahindra, and the man who threw the company into a deep crisis and is now in jail -- B Ramalinga Raju -- said he is happy at the turn of events.
In a message though his wife Nandini, Raju expressed his satisfaction and happiness that Tech Mahindra today emerged the highest bidder to acquire the beleaguered IT company.
The takeover ended a long chapter which Byrraju Ramalinga Raju had begun 21 years ago. The son of an agriculturist from West Godavari district of coastal Andhra Pradesh had made an humble beginning.
Raju founded Satyam in 1987 and nurtured it. More than two decades later in 2009, he disclosed that he had been inflating profits and fudging the company's account books for many years.
One of the pioneers of offshore development, Satyam became one of the earliest companies to get a dedicated data link.
It was Jan 7 this year that Raju shocked corporate India by admitting to a Rs.78 billion ($1.5 billion) accounting fraud.
While resigning as chairman, he confessed that he cooked the company's account books and inflated profits over the past several years.
Raju, now facing investigation by multiple agencies including the CBI, is lodged in the Chanchalguda jail under judicial custody since January 10. Raju is charged with criminal conspiracy, criminal breach of trust, cheating, forgery and falsification of accounts.
In a message though his wife Nandini, Raju expressed his satisfaction and happiness that Tech Mahindra today emerged the highest bidder to acquire the beleaguered IT company.
The takeover ended a long chapter which Byrraju Ramalinga Raju had begun 21 years ago. The son of an agriculturist from West Godavari district of coastal Andhra Pradesh had made an humble beginning.
Raju founded Satyam in 1987 and nurtured it. More than two decades later in 2009, he disclosed that he had been inflating profits and fudging the company's account books for many years.
One of the pioneers of offshore development, Satyam became one of the earliest companies to get a dedicated data link.
It was Jan 7 this year that Raju shocked corporate India by admitting to a Rs.78 billion ($1.5 billion) accounting fraud.
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While resigning as chairman, he confessed that he cooked the company's account books and inflated profits over the past several years.
Raju, now facing investigation by multiple agencies including the CBI, is lodged in the Chanchalguda jail under judicial custody since January 10. Raju is charged with criminal conspiracy, criminal breach of trust, cheating, forgery and falsification of accounts.
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