UwidoNews

Early on Tuesday, there were unconfirmed reports that Satyam Computers founder and chairman Ramalinga Raju had resigned from the board.

The reports also suggested that Mr Raju had put in his papers and that he was awaiting the company board's decision on the issue.

Former Chairman of Satyam Computers B. Ramalinga Raju was rushed to the Nizams Institute of Medical Sciences (NIMS) from Chanchalguda jail on Monday after he complained of chest pain.

A city court on Wednesday extended the judicial remand of disgraced founder and former chairman of Satyam Computer Services B Ramalinga Raju and other accused in the Rs.78 billion accounting fraud case till July 8.

Investors of the erstwhile Satyam Computers, formerly headed by B Ramalinga Raju, have made losses to the tune of Rs 14,000 crore,double of what the scam was estimated to be earlier, according to VV Lakshminarayana, DIG-CBI .

The scam-tainted founder of Satyam Computer Services was stable on Tuesday after he was admitted to hospital a day earlier with chest pain, hospital authorities said.

The Indian stock market was robbed of its stimulus Wednesday after one of the biggest corporate frauds came to light. In a shockingrevelation, Satyam Computer Services Ltd’s promoter and chairman, B Ramalinga Raju admitted to a fraud to the tune of Rs 7,000 crore in the company’s balance sheet.In a letter to the board, Raju said the company’s cash and bank balance as on Sep 30, 2008, was inflated by Rs 5,040 crore as against Rs 5,361 crore reflected in the books.

The beleaguered IT firm Satyam is facing a huge attrition problem with about 3,500 employees having quit the firm over the last one month.The firm, which has initiated a bidding process to select a strategic investor, had 47,570 employees in employee address book on January 9, two days after Ramalinga Raju had admitted to his fraud. On March 16, however, employee numbers slipped to 44,130.

The state government had expressed its desire through a written letter that the Satyam case be referred to the CBI ,says Union Company Affairs Minister

Maytas Infrastructure, the listed company promoted by Satyam Computers` B Ramalinga Raju, has decided to sell part of its shareholding in Cyberabad Expressway and Hyderabad Expressway to Terra Projects, a company owned by the Kolkata-based Neco group, reports Business Standard.