Ramalinga Raju Birth Horoscope







Name : Ramalinga Raju

Full Name : Byrraju Ramalinga Raju

Date of Birth : 16 Sep 1954

Time Zone : +05:30

Birth Place : Bhimavaram, India

Birth Number of Ramalinga Raju : 7

Sun sign of Ramalinga Raju : Virgo

Chinese Zodiac of Ramalinga Raju :Horse





The Bombay Stock Exchange (BSE) was down 7.25 per cent - 749.05 points & National Stock Exchange (NSE) was down 6.18 per cent - 192 points at 2,920.4

Sensex- the Bombay Stock Exchange (BSE) was down 7.25 per cent - 749.05 points to 9,586.88 points on 7th January 2009 after opening higher than the 6th January 2009's close of 10,335.93 points.

S&P CNX Nifty index of the National Stock Exchange (NSE) was down 6.18 per cent - 192 points at 2,920.4 points on 7th January 2009.

The Satyam scrip took a sharp dip losing 77.69 per cent of its value to close at Rs.39.95 over its close Tuesday of Rs.179.10. A total of 14,30,09,827 shares of the troubled software company changed hands in 6th January 2009's trade.

Other market indices like the midcap and small-cap indices fell by as much as the Sensex. BSE midcap index was trading 7.17 per cent, while the small-cap index fell 6.29 per cent.

Top losers in the Sensex were Satyam, JP Associates, RCom, DLF and Reliance Infra.

Top gainers in the Sensex were HUL, Infosys, Maruti and Wipro.

The market sentiment was negative, with 2,104 stocks declining against 421 advances. Fifty-seven stocks remained unchanged.

DSP Merrill Lynch detachs from Satyam Computers

Satyam’s Chairman B. Ramalinga Raju finally resigns and has admitted all the frauds that he has done till now. raju has taken full responsibility of the current situation of Satyam.Satyam Computer Services Ltd has also informed BSE that the DSP Merrill Lynch terminated its engagement with the Company.

It comes an an extreme shock to the corporate Inc. which failed to recognize such deep frauds cooking up since many quarters now. The auditor’s role has come into question and deep scrutiny.

Satyam has loose Rs 10,000 Cr in Market Capitalization

Beleaguered software services major Satyam Computers on Wednesday bit the dust on the bourses and lost as much as Rs10,000 crore in market capitalisation (m-cap) in a single trading session, after the scrip dipped to hit an all-time low level.

It saw a massive value erosion and fell nearly 80%, after the management revealed malpractices in accounting methods. The company had a market capitalisation of Rs12,067.98 crore on Tuesday and by the end of Wednesday’s trading session its m-cap stood at Rs2,691.88 crore.

The scrip, which fell by as much as 83% to witness an intra-day low of Rs30.70, managed to close with a fall of 77.69% at Rs39.95 on the BSE index.

“In the long run the scrip can witness levels down to as much as Rs20. The company was operating at a margin of 3%, the lowest by any firm. It was doing business on cost basis and the books were kept inflated,” Arun Kejriwal of Kejriwal Reserach and Investment Services said.

On the National Stock Exchange (NSE), the scrip plunged to a low of Rs41.05, down 77.06% from its previous close. The scrip had witnessed the day’s low of Rs30.80, down 82.78% over last closing.
The counter saw frantic selling after the news broke out, and over 48 crore shares had changed hands on both the bourses.

Satyam stock holds a 1.56% weight in the 30-share bluechip index - Sensex. Following the same, the Sensex also plunged over 749 points or over 7% to settle at 9,586 points on the BSE.

Ramalinga Raju, on Wednesday resigned as Satyam’s chairman after admitting to financial wrong doings in the company’s balance sheet. He was under attack over the $1.6 billion acquisition fiasco of firms promoted by his family.

Satyam Computers Chief Ramalinga Raju Resigns : Reports

Satyam Computers founder and chairman Ramalinga Raju had resigned from the board.

Satyam board meeting is scheduled for December 29. According to analysts, Mr Raju’s resignation wouldn’t make much of a difference to investors. “He is not to be blamed alone…the responsibility lies with the entire board. It was a unanimous decision and this board is in no place to decide on the issue,” said Prabhudas Leeladhar analyst Apurva Shah.

The resignation of the chairman, who is also the promoter of the company, could raise issues of succession, which is far greater than him quitting.Shares of Satyam were down 8.5% to Rs 148.60 on the BSE in intra day trading. The company’s shares have seen severe beating ever since the company board pushed through a decision to buy out two subsidiaries belonging to the promoters’ family. The Satyam board had to later reverse this decision following strong opposition from investors and shareholders.

Satyam Computer has loose Rs 5000+ Cr - Ramalinga Raju biggest fraud in India’s History

B. Ramalinga Raju has confessed that a huge sum of money is missing from Satyam. According to a confession letter he wrote to the board this morning, somewhere between Rs 5,040 crore and Rs 7,136 crore (part of the letter is open to two interpretations) is missing from the company.

According to Raju, this sum has not been embezzled or misappropriated. Instead, it never existed. The company has been lying about its revenue and profitability for years. These lies have now become too big to sustain. As the letter puts it, “What started as a marginal gap between actual operating profits and the one reflected in the books of accounts continued to grow over the years. It has attained unmanageable proportions as the size of the company operations grew?”

As this point of time, nothing can be said about the real state of affairs. As it turns out, Raju and others at Satyam have been telling lies for years. For all we know, this letter may be just be another layer of lies that is hiding more than it reveals. Certainly, the letter can’t be taken at face value.

The biggest question that arises is actually not on the role of Raju, but that of the company’s auditors, PricewaterhouseCoopers. Interestingly, PricewaterhouseCoopers, which is a USD 28 billion (2008 revenues) professional services firm headquartered in New York, appears to have actually started attempts to divert attention from its role a few days ago. Three days ago, some newspaper reports started that PwC will ‘review its continuance with Satyam Computer’. However, few would be willing to believe that such a huge, multi-year scam could have taken place without complete co-operation and connivance of the auditor.

Satyam at an all-time low of Rs 58 - down 70%

IT major Satyam Computer today nosedived nearly 70 per cent to an all-time low of Rs 58, following the resignation of the company’s Chairman B Ramalinga Raju and Managing Director B Rama Raju.Shares of Satyam plunged as much as 67.71 per cent to a low of Rs 58, but was later trading at Rs 73.50, down 58.96 per cent in the afternoon trade on the Bombay Stock Exchange.The scrip, which had opened at Rs 179.10, plunged within minutes of Satyam Chairman and Managing Director tendering their resignation.

Raju had been under attack over the $1.6-billion acquisition fiasco of firms promoted by his family.The counter saw frantic selling after the announcement and nearly 13 crore shares had changed hands on both the bourses within an hour. Satyam stock holds a 1.56 per cent weight in the 30-share bluechip index Sensex. Following the same, the benchmark index also plunged over 400 points and was trading down nearly 4 per cent at 9,922 points in the noon trade on the BSE.

The resignations, ahead of the January-10 board meeting, has pushed the company into crisis and paved the way for immediate restructuring of the board and the management.On the National Stock Exchange, the scrip plunged 55.63 per cent to an all time low of Rs 79.40. It was later trading at Rs 80, down 55.29 per cent in the afternoon trade.In a regulatory filing, the company said Raju would continue to be the chairman till the board is expanded.

The price of Satyams share is down more than 70 % (128 rs. down).

Satyam Shares decline sharply after Satyams Chief and Founder Ramalinga Raju Resigns.

Ramalinga Raju’s Letter to Satyam Board Members - Chairman SEBI - Stock Exchanges

To the Board of Directors
Satyam Computer Services Ltd.

Dear Board Members,

It is with deep regret, at tremendous burden that I am carrying on my conscience, that I would like to bring the following facts to your notice:
The Balance Sheet carries as of September 30, 2008
Inflated (non-existent) cash and bank balances of Rs.5,040 crore (as against Rs. 5361 crore reflected in the books)
An accrued interest of Rs. 376 crore which is non-existent An understated liability of Rs. 1,230 crore on account of funds arranged by me An over stated debtors position of Rs. 490 crore (as against Rs. 2651 [cr.] reflected in the books)
For the September quarter (02) we reported a revenue of Rs.2,700 crore and an operating margin of Rs. 649 crore (24% Of revenues) as against the actual revenues of Rs. 2,112 crore and an actual operating margin of Rs. 61 Crore ( 3% of revenues). This has resulted in artificial, cash and bank balances going up by Rs. 588 crore in Q2 alone.
The gap in the Balance Sheet has arisen purely on account of inflated profits over a period of last several years (limited only to Satyam standalone, books of subsidiaries reflecting true performance). What started as a marginal gap between actual operating profit and the one reflected in the books of accounts continued to grow over the years. It has attained unmanageable proportions as the size of company operations grew significantly (annualized revenue run rate of Rs. 11,276 crore in the September quarter, 2008 and official reserves of Rs. 8,392 crore). The differential in the real profits and the one reflected in the books was further accentuated by the fact that the company had to carry additional resources and assets to justify higher level of operations — thereby significantly increasing the costs.
Every attempt made to eliminate the gap failed. As the promoters held a small percentage of equity, the concern was that poor performance would result in a take-over; thereby exposing the gap. It was like riding a tiger, not knowing how to get off without being eaten.

The aborted Maytas acquisition deal was the last attempt to fill the fictitious assets with real ones. Maytas’ investors were convinced that this is a good divestment opportunity and a strategic fit. Once Satyam’s problem was solved, it was hoped that Maytas’ payments can be delayed. But that was not to be. What followed in the last several days is common knowledge.

I would like the Board to know:

1. That neither myself, nor the Managing Director (including our spouses) sold any shares in the last eight years — excepting for a small proportion declared and sold for philanthropic purposes.

2. That in the last two years a net amount of Rs. 1,230 crore was arranged to Satyam (not reflected in the books of Satyam) to keep the operations going by resorting to pledging all the promoter shares and raising funds from known sources by giving all kinds of assurances (Statement enclosed, only to the members of the board). Significant dividend payments, acquisitions, capital expenditure to provide for growth did not help matters. Every attempt was made to keep the wheel moving and to ensure prompt payment of salaries to the associates. The last straw was the selling of most of the pledged share[s] by the lenders on account of margin triggers.

3. That neither me, nor the Managing Director took even one rupee/dollar from the company and have not benefitted in financial terms on account of the inflated results.

4. None of the board members, past or present, had any knowledge of the situation in which the company is placed. Even business leaders and senior executives in the company, such as, Ram Mynampati, Subu D, T.R. Anand, Keshab Panda, Virender Agarwal, A.S. Murthy, Han T, SV Krishnan, Vijay Prasad, Manish Mehta, Murali V. Sriram Papani, Kavale, Joe Lagioia, Ravindra Penumetsa, Jayaraman and Prabhakar Gupta are unaware of the real situation as against the books of accounts. None of my or Managing Director’s immediate or extended family members has any idea about these issues.

Having put these facts before you, I leave it to the wisdom of the board to take the matters forward. However, I am also taking the liberty to recommend the following steps:

1. A Task Force has been formed in the last few days to address the situation arising but of the failed Maytas acquisition attempt. This consists of some of the most accomplished leaders of Satyam; Subu D, T.R. Anand, Keshab Panda and Virender Agarwal , representing business functions; and A.S. Murthy, Han T and Murali V representing support functions. I suggest that Ram Mynampàti be made the Chairman of this Task Force to immediately address some of the operational matters on hand. Ram can also act as an interim CEO reporting to the board.

2. Merrill Lynch can be entrusted with the task of quickly exploring some Merger opportunities.

3. You may have a testatement of accounts’ prepared by the auditors in light of the facts that.I have placed before you.

I have promoted and have been associated with Satyam for well over twenty years now I have seen it grow from few people to 53,000 people, with 185 Fortune 500 companies as customers and operations in 66 countries. Satyam has established an excellent leadership and competency base at all levels. I sincerely apologize to all Satyamites and stakeholders, who have made Satyam a special organization, for the current situation. I am confident they will stand by the company in this hour of crisis.

In light of the above, I fervently appeal to the board to hold together to take some important steps Mr T R Prasad is well placed to mobilize support from the government at this crucial time. With the hope that members of the Task Force arid the financial advisor, Merrill Lynch (now Bank of America) will stand by the company at this crucial hour, I am marking copies of this statement to them as well.

Under the circumstances, I am tendering my resignation as the chairman of Satyam and shall continue in this position only till such time the current board is expanded. My continuance is just to ensure enhancement of the board over the next several days or as early as possible.

I am now prepared to subject myself to the laws of the land and lace consequences thereof.

(B. Ramalinga Raju)
Copies marked to:
1. Chairman SEBI
2. Stock Exchanges

Satyam Computer Services banned by The World Bank


Satyam Computer Services banned by The World Bank from providing software services. Satyam has banned for 8 years to provide any service to the World Bank. The decision was taken because of the reports of improper benefits to bank staff and lack of documentation on invoices caused by Satyam Computer Services. Satyam started providing IT services to the World Bank 5 years ago. There were allegations of bribery in 2005, but the matter died down. There have been other allegations against Satyam such as causing security breaches at the World Bank database and sensitive information.