A word on the title for international readers. The word 'Satyam' means 'Truth' in ancient Sanskrit and the phrase 'Satyameva Jayatey' means 'Let the Truth Triumph', approximately.
At this writing there are few round numbers to report. Nifty is trading at around 2950 levels, down around 162 points from its previous close. Satyam Computers Ltd. is trading at around Rs.50, which is around 76% down from its close yesterday.
Mr. Ramalinga Raju, the principal promoter and outgoing Chairman of the Satyam Board, this morning resigned from the Company's Board and wrote this:
a resignation letter for the history books.
Update: I was going to continue to write about the letter and so on but I have some useful information for investors on the Satyam so I'm moving on to Part II now instead. There's a lot of information available on the Satyam numbers elsewhere.
revealed with deep regret that The Company's Balance Sheet as of September 30, 2008 contains:
1) a) $ 1050 million of inflated (non-existent) cash and bank balance as against $ 1117 million reflected in the books.
b) An accrued interest of $ 78.33 million which is non existent
c) An understated liability of $ 256.25 million on account of 'funds arranged by Mr. Raju'
2) An overstated debtor position of $ 102.08 as against $ 533.54 million reflected in the books.
To be continued ...
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