After all the fiasco which took place yesterday when Satyam Computers Chairman B Ramalinga Raju sent his resignation letter and shocked the whole fraternity. Ram Mynampati was made the new interim CEO of Satyam. Today some seven Satyam executive came out for a press conference to brief on the issue and the liquidity crunch being faced by the company.

The interim CEO said that CFO of Satyam has also resigned from the post. He was spotted saying that Satyam board has relied on the audited data from PriceWaterhouseCoopers(PWC), the auditing firm behind Satyam.
He was also talking on protecting the employee career. But somehow all the employees are applying at different other companies already. Satyam said that December salaries of the 53,000 employees are paid but there are now in a severe liquidity crunch situation. They are looking at raising liquidity from the market.

In another development Satyam computer has been replaced by Sun Pharma in the list of sensex 30 companies. It was already removed from Nifty yesterday and was replaced by Reliance Capital.It is also removed from BSE-100,BSE-200 and BSE-500 list and BSE IT index.A team from SEBI has already started their investigation against Satyam in Hyderbad. Meanwhile the whereabouts of B Ramalinga Raju is now being questioned. As it seems that he has fled to Saudi Arabia or so. This fiasco reminds us about the Enron issue the world faced a few years back. Lets see how this total issue unfolds in the coming time.

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