Indian software company Saytam chairman resigns

satyamOne of India's top software company Satyam is in the spot light now. Its chairman has resigned. It seems that he has cooked up the companies balance sheet by inflated non-existent cash and bank balance of Rs.5040 crore, non-existent accrued interest of Rs.376 crores and understated liability and over stated debtors. Company shares rates fell from Rs.150 ot Rs.40. This comes in a bad time where it has already landed into problems when it tried to takeover another company which was deeply criticized and which made many top executives to resign.

He also said that “now prepared to subject myself to the laws of the land and face the consequences thereof”

You can read the full resignation letter of the chairman of Satyam with detailed description of the issue and his statements on the same.

Satyam Computer Services has appointed Mr Ram Mynampati as interim CEO and below is the stock market reaction