Satyam chief resigns

Satyam chief resigns, admits irregularities; stock down 48%
Chairman of Satyam Computer Ramalinga Raju has resigned from the company’s board. In a letter to the board members, Raju also said that the company reported inflated revenues over years.
In reaction to Raju’s revelations, the stock was hammered by investors and it is down over 48 per cent.
He said that he feared takeover due to poor finance performance. Coming clean on financial irregularities, he said that the company had Rs 1,230 crore worth of understated liability as of September 30. He also revealed that he tried to fill fictitious assets with Maytas deal.
His decision was conveyed to the company’s board members. The company was supposed to hold a board meeting this Saturday