The Chariman of Satyam Computer Services Ltd. Ramalinga Raju resigned after saying he falsified earnings and assets, prompting a collapse in the stock of India’s fourth-largest software-services provider.
Raju unsuccessfully tried to sell two companies to Satyam last month in a final attempt to plug 50.4 billion rupees ($1.03 billion) of “fictitious” cash on the company’s balance sheet, he wrote in a letter to Hyderabad-based Satyam’s board today. Profits have been inflated for “several years,” he said.
Here is what he presented to The Board of Directors at Satyam with copies marked to Chairman, SEBI and the Stock Exchanges:
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