No 'satyam' in Satyam ex-chief's confession?
Over the last week, the Registrar of Companies has searched offices of Satyam in Hyderabad. Officials have stumbled upon tonnes of documents and digital records relating to the company's finance, secretariat and legal departments.
Was Ramalinga Raju's confessional statement an 'asatyam' or at least not the complete truth? Raju had claimed that he inflated cash and bank balances up to Rs 5,040 crore, and inflated profit over several years. Investigators are now asking:
How TDS certificates were issued by banks on the interest earned by fixed deposits if the fixed deposits were non-existent? (For example for 2007-2008, TDS certificates worth Rs 61 crore were issued on 257 crore rupees interest earned on deposits worth Rs 4,400 crore)
Ninety seven per cent of Satyam revenue are said to be from export earnings. For this all documents would have to be filed with regulatory agencies like RBI as softex forms. If the earnings are not received within six months of invoicing, they would necessarily have to be reported to the RBI
Raju mentioned that Rs 1,230 crore had been arranged by him. But in what form they were injected into the Satyam accounts is another question that needs answers
Why would a man like Ramalinga Raju lie to compromise his own position and push the company he built into dire straits? That's the question everyone is asking?
Sources say it was possibly a Hobson's choice for Raju. He had no funds, practically no stake left in the company and a takeover would have exposed him anyways.
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