Days after India faced the biggest corporate scam in its history, the tainted chairman of Satyam Computers Limited B Ramalinga Raju and his brother Rama Raju has been arrested by a team of police personnel from Andhra Pradesh and they are booked under 5 Indian Penal Code sections.Sections 120B, section 420, section 409, section 468, and section 471 for criminal conspiracy, cheating,  breach of trust, forgery, and falsification of records. In fact B Ramalinga Raju has surrendered on late Friday evening around 10 PM(Jan 9th,2009).

In the most shocking revelations of 7000 crore corporate scam and inflating balance sheets for many quarters, Satyam Chairman B Ramalinga Raju has resigned  on Jan 7th,2009.  Ending the speculation on his whereabouts, he was arrested from Hyderabad yesterday. In what followed as a response to this, the stock price of Satyam crashed 80% on the same day and then touched single digit figures today.

SEBI has already removed Satyam from Sensex and Nifty by replacing it with Sun Pharma and Reliance capital respectively. Trade was also halted in Satyam ADR in NYSE. Now both the brothers will be produced before court in 24 hours from now.  The fate of 53,000 Satyam employees are in dark now with the company saying that it has liquidity issues currently to pay the employees for the month of Jan 2009. News are also in round that company has sent a email to all employees saying that it cannot pay them for 2 months. The genuineness of this is yet to be made.

Some 18,000 CVs of Satyam employees are floating around in Job search portals now. The MCap of the company has fallen to $330 from 7-8$ billion six months back. Meanwhile Infosys has clearly stated that it is in no mood to hire any Satyam executives nor interested in taking over the company. Things are turning out worse day by day. Lets wait and watch how the story unfolds in coming days. The Satyam board might not be meeting on Jan 10th as decided earlier.

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