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In our last post we uncovered the biggest corporate fraud in the history of India of Rs.8000 crore which could lead Satyam eventually shutdown its doors for the world. Amidst these speculations in this post I shall share the reactions from top Indian media about actions and reactions against Raju.
1.) Rs 8,000 cr fraud hits Satyam; Raju may get 7-yr jail – Express India
By the end of the day, the fourth largest IT company lost a staggering Rs 10,000 crore in market capitalisation as investors reacted sharply and dumped shares, pushing down the scrip by 78 per cent to Rs 39.95 at BSE. The NYSE-listed firm could also face regulator action in the US.
2.)Police to probe Satyam fraud: AP Govt – Economics Times
Ramalinga Raju Wednesday admitted a Rs.40 billion fraud in the Hyderabad-based company.He revealed that balance sheet of Satyam had been inflated and that he would subject himself to the laws of the land. The Hyderabad police said they would take action against him only if a shareholder or the regulator lodges a complaint.
3.) Satyam’s officials under regulators’ scanner - Live Mint
For violation of Sebi laws, Raju could face criminal prosecution leading to 10 years imprisonment and a fine of up to Rs25 crore. Sunderesan said Sebi could ban those responsible for fraud from participating in any capital market activities.