Satyam scam: Raju traceless; WB image 'suffers'

Tags : satyam, ramalinga raju, satyam computers, satyam fraud, satyam saga, whereabouts, clueless, satyam, raju Posted: Thursday , Jan 08, 2009 at 1714 hrs ANI/PTI

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The management of Satyam Computers has said that it has no clue about Ramalinga Raju's whereabouts, even as a team of the Securities and Exchange Board of India (SEBI) reached Hyderabad to investigate a case of fraud related to the company.

According to some sources, Raju left for Texas on Wednesday morning shortly after admitting to committing a Rs 7,000 crore fraud.

There is a petition pending over his Maytas deal for which British Telecom's Solutions firm - U-paid had demanded the presence of Raju and senior directors of Satyam for questioning by its lawyers.

As per unconfirmed TV reports, he could have also left for Dubai.

The former Satyam's Chairman is also unreachable on his mobile phone.

The company is expected to hold a news conference at around 5:00 pm on Thursday evening. The interim CEO of Satyam Computer Services, Ram Mynampati, is likely to address the media.

On Wednesday, Mynampati admitted to the outsourcer inflating profits over several years and that senior officials have been summoned to the Satyam's headquarters in Hyderabad for further deliberations aimed at ending the crisis.

Meanwhile, Corporate Affairs Minister Prem Chand Gupta said the government is verifying Raju''s statement.

On Wednesday, Raju claimed that Satyam had inflated its earnings over the past few years, but no other board member had been aware of these financial irregularities.

"Once the contents of the message is verified, a proper action would be taken. If it is correct, it is shameful," said Gupta.

India''s biggest corporate scandal in memory threatens future foreign investment flows into Asia's third-largest economy and casts a cloud over growth in its once-booming outsourcing sector.

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project studyBy: karan valecha | 03-Feb-2009 Reply | Forward what will be the role of satyams public relation department in future?

SATYAM SCAM LESSON N SOLUTIONBy: FRANCIS XAVIER | 24-Jan-2009 Reply | Forward SATYAM SCAM HAS REALLY OPENED OUR EYES TO STARK REALITIES IN OURCOUNTRY. 1. OUR PROBLEM STARTS WHEN CHILDREN COME INTO PICTURE IN THEIRPARENTS PROFESSION OR BUSINESS. THIS IS THE ROOT CAUSE OF ALL CORRUPTION. THE REMEDY IS TO STOP PASSING ON THE WEALTH CREATED BY THEPARENTS TO THE CHILDREN. ( SOME PERSONS ACCUMULATE FOR THREE GENERAT-IONS!!). THIS STEP IF SOME HOW IMPLEMENTED COULD SOLVE HALF THE PROBLEMS.2. EVERY REGULATORY BODY OR INVESTIGATORY AGENCY IN OUR COUNTRY HAS UNFORTUNATELY WEAK PERSONS WHO ARE PURCHASABLE. SO WE HAVE TO HAVE A JURY LIKE SET UP WITH PERSONS WITH EXTREME CLEAN RECORDS INTHEIR SERVICE. WE KNOW EVERY DEPT HAS 1% OR SO EXTREMELY UPRIGHTPERSONS WHO HAVE WITHSTOOD THE TEST OF TIME. THEY HAVE TO BE IDENTIFIEDBY A UPRIGHT PANEL, AND GIVEN THE RESPONSIBILITY OF SETTING THINGS RIGHT.(MAY BE RETIRED PERSONS). THIS KIND OF STEPS AND THINKING ONLY WILL SAVEOUR CHILDREN AND ALSO RAJU'S GRAND CHILDREN , WHO WILL HAVE AN UPRIGHTINDIA!!.

Something Fishy-SatyamBy: Gopal | 09-Jan-2009 Reply | Forward Indian Govt should intervene to maintain the image and protect employees in this scenario of recession by some bailout package. If the profit is inflated ,the company might have paid various taxes on the same which they may get refund. It is not clear with no real cash how the company could manage without cash crunch and escaped form the eyes of financing banks and Auditors

SATYAM FRAUDBy: RAJIV | 09-Jan-2009 Reply | Forward VIRTUAL BUSINESS, VIRTUAL PROFITS, REAL LOSSES. THIS IS THE YAHOO SECTOR OF OUR ECONOMY.

Satyam testing timesBy: Jagadeesh sajjan | 09-Jan-2009 Reply | Forward Satyam's problems started with mytas takeover attempt and hit badly by world bank action of blacklisting satyam for tenders bid. This testing time gives satyam opportunity to come out misdeeds it as done openly and legalizing its financial statements.