Satyam was the brand image of Andhra Pradesh, Hyderabad was identified with this company, and its founder-chairman B Ramalinga Raju was a hero to youngsters. But overnight, arguably the biggest fraud in India's corporate history reduced the chairman and his company to a big zero.
The man who spent three decades in IT services and built Satyam into India's fourth largest IT services firm, was described as a visionary, a global business leader and a thinker. Now, six years after his e-mailed confession on January 7, 2009, he has been convicted for criminal conspiracy.
The accounting fraud - the biggest in the country - that was going on for years before Raju's eventual confession was estimated at nearly Rs 10,000 crore.
Even when crisis hit Satyam following the management's aborted bid to acquire Maytas Infra and Maytas Properties, the two infrastructure companies owned by the promoters' family, Ramalinga Raju's wellwishers launched a website to repose faith in his leadership.
Text: IANS, PTI
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