Read below the text of the letter of Satyam Chairman written to the board members describing the fraud.
Satyam Computers Services Ltd.
From B. Ramalinga Raju
Chairman, Satyam Computer Services Ltd
Dear Board Members,
It is with deep regret, and tremendous burden that I am carrying on my conscience, that I would like to bring the following facts to your notice:
1. The balance sheet carries as of September 30, 2008
a) Inflated (non-existent) cash and bank balance of Rs 5,040 crore (as against Rs 5361 crore reflected in the books)
b) An accrued interest of Rs 376 crore which is non-existent
c) An understated liability of Rs 1,230 crore on account of funds arranged by me
d) An over stated debtor position of Rs 490 crore (as against Rs 2651 reflected in the books)
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SEBI to probe Satyam transactions.>>>>>
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From B. Ramalinga Raju
Chairman, Satyam Computer Services Ltd
Dear Board Members,
It is with deep regret, and tremendous burden that I am carrying on my conscience, that I would like to bring the following facts to your notice:
1. The balance sheet carries as of September 30, 2008
a) Inflated (non-existent) cash and bank balance of Rs 5,040 crore (as against Rs 5361 crore reflected in the books)
b) An accrued interest of Rs 376 crore which is non-existent
c) An understated liability of Rs 1,230 crore on account of funds arranged by me
d) An over stated debtor position of Rs 490 crore (as against Rs 2651 reflected in the books)
Continue reading the full text. Click here>>>>
Read more news about Satyams fraud. Click here>>>>
SEBI to probe Satyam transactions.>>>>>
For more Indian Stock Market News and views Visit http://www.stockinvest.in
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