Satyam chairman Ramalinga Raju Resigns

Bangalore: The Satyam Computer Services Ltd founder Chairman, B. Ramalinga Raju and Managing Director, B. Rama Raju, have resigned from the board on Wednesday, the company announced.

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In a notification to the stock exchanges, the Hyderabad-based IT firm said Ramalinga Raju and Rama Raju have tendered the resignations earlier in the day and the regulator (SEBI) has been informed.

Full Coverage: Satyam Fraud

"Rama Raju shall continue in the position till such time the board is expanded and the continuance is to ensure enhancement of the board," the company said in the notification.

Ramalinga Raju resigned from the IT major's board after admitting a fraud to the tune of Rs 5,040 crore in the balance sheet of the company.

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Government is verifying the facts after Satyam's chairman resigned saying profits had been inflated, and will take action with the market regulator, once they are established, Prem Chand Gupta, Minister for Corporate Affairs, said.

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Life Insurance Corporation, which holds 4.34 per cent in Satyam Computer Services, will soon take a decision on its holdings in the embattled software firm, a top official of the company told Reuters on Wednesday.

Satyam shares plunge nearly 80%

Satyam Computer Services is committed to staff, clients and shareholders, the interim CEO, Ram Mynampati, said on Wednesday.

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Former BJP parliamentarian and president of the city-based Investors' Grievances Forum, Krit Somaya has threatened to file a criminal complaint against promoters and auditors of the Satyam Computers.

Mutual fund venture of BNP Paribas has sold its entire holding in Satyam Computer Services, a top executive said on Wednesday.

Click here to read Raju's letter to the Board

Satyam has formed a new team to look into its day-to-day affairs, following the resignation of its chairman Ramalinga Raju.

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The interim CEO of Satyam, Ram Mynampati, has sent a letter to the management and staff, announcing the formation of a new team.