In January, B Ramalinga Raju, the founder and former chairman of Satyam Computers, admitted to cooking up the company's account books for several years, leading to a multi-crore scam.
In January, B Ramalinga Raju, the founder and former chairman of Satyam Computers, admitted to cooking up the company's account books for several years, leading to a multi-crore scam. The CBI filed a chargesheet and reports said that the financial scam in erstwhile Satyam Computers, led by B Ramalinga Raju, could be to the tune of over Rs 14,000 crore. He was arrested and is awaiting trial.
B Ramalinga Raju was ranked among the most outrageous CEO in 2009, according to a list compiled by Forbes.
After the scam broke out following Raju's admissions, the government acted swiftly and disbanded the board and nominated six eminent persons to prevent further damage and provide some stability.
Tech Mahindra was declared as the highest bidder for Satyam at a price of Rs 58/share, after a global competitive bidding process. Satyam's acquisition marks the entry of Tech Mahindra, which has so far focused on the telecom vertical, into other verticals such as financial services, healthcare, manufacturing etc. In June, Satyam Computer Services unveiled its new brand identity, ‘Mahindra Satyam'.
Anand Mahindra, the chairman of Tech Mahindra . Satyam, which was acquired by Tech Mahindra in April, has secured time until June 2010 from the Company Law Board to file financials, including quarterly results, in the aftermath of founder B Ramalinga Raju disclosing that he fudged accounts for years.
