|
Satyam
07-Jan-2009
Satyam scandal rocks mkts; Sensex down 749 pts. The multi-thousand crore Satyam scandal that was uncovered early Wednesday morning led to a heavy sell-off on the benchmark as well as sectoral indices. The Nifty has broken 2900 mark during the day while the Sensex closed below 10,000 level. B Ramalinga Raju, the outgoing chairman of Satyam, admitted to cooking up figures in the Satyam balance sheet. The abortive Matyas deal last month that brought the company much bad press was also aimed to cover his tracks.
|
Raju admits fraud; Satyam books inflated of Rs 5040cr
07-Jan-2009
Ramalinga Raju, Chairman of Satyam has resigned from the board. In his letter to the board, Raju admitted that the IT major's balance sheet has inflated cash and bank balance of Rs 5,040 crore. "No board member had any knowledge of the real situation. Accrued interest of Rs 376 crore in books is non-existent. Rs 1,230 crore was arranged to Satyam, but was not reflected in the books."
|
1992
He was known as the 'Big Bull'. However, his bull run did not last too long.
He triggered a rise in the Bombay Stock Exchange in the year 1992 by trading in shares at a premium across many segments.
Taking advantages of the loopholes in the banking system, Harshad and his associates triggered a securities scam diverting funds to the tune of Rs 4000 crore (Rs 40 billion) from the banks to stockbrokers between April 1991 to May 1992.
He was later charged with 72 criminal offences.
|
