Home / Tag Archives: director

Tag Archives: director

Satyam letter from Mr. Ramalinga Raju to its board directors admitting fraud !

page5-thumb.png

To the Board of Directors Satyam Computer Services Ltd. Dear Board Members, It is with deep regret, at tremendous burden that I am carrying on my conscience, that I would like to bring the following facts to your notice: The Balance Sheet carries as of September 30, 2008 Inflated (non-existent) cash and bank balances of Rs.5,040 crore (as against Rs. 5361 crore reflected in the books) An accrued interest of Rs. 376 crore which is non-existent An understated liability of Rs. 1,230 crore on account of funds arranged by me An over stated debtors position of Rs. 490 crore (as against Rs. 2651 [cr.] reflected in the books) For the September quarter (02) we reported a revenue of Rs.2,700 crore and an operating margin of Rs. 649 crore (24% Of revenues) as against the actual revenues of Rs. 2,112 crore and an actual operating margin of Rs. 61 Crore ( 3% of revenues). This has resulted in artificial, cash and bank balances going up by Rs. 588 crore in Q2 alone. The gap in the Balance Sheet has arisen purely on account of inflated profits over a period of last several years (limited only to Satyam standalone, books of subsidiaries reflecting true performance). What started as a marginal gap between actual operating profit and the one reflected in the books of accounts continued to grow over the years. It has attained unmanageable proportions as the size of company operations grew significantly (annualized revenue run rate of Rs. 11,276 crore in the September quarter, 2008 and official reserves of Rs. 8,392 crore). The differential in the real profits and the one reflected in the books was further accentuated by the fact that the company had to carry additional resources and assets to justify higher level of operations — thereby significantly increasing the costs. Every attempt made to eliminate the gap failed. As the promoters held a small percentage of equity, the concern was that poor performance would result in a take-over; thereby exposing the gap. It was like riding a tiger, not knowing how to get off without being eaten. The aborted Maytas acquisition deal was the last attempt to fill the fictitious assets with real ones. Maytas’ investors were convinced that this is a good divestment opportunity and a strategic fit. Once Satyam’s problem was solved, it was hoped that Maytas’ payments can be delayed. But that was not to be. What followed in the last several days is common knowledge. I would like the Board to know: 1. That neither myself, nor the Managing Director (including our spouses) sold any shares in the last eight years — excepting for a small proportion declared and sold for philanthropic purposes.

Read More »

Top 50 Indian Advertising Agencies

Okay, so here we are with another list for you guys. The top 50 advertising agencies in India. These agencies are not in any order but based on Alphabetical order. So even if Lintas is one of the top Ad agencies in India, it shows at the last. Please use this list for reference purposes only as it provides information about the phone numbers, contact details address, email and even the website address. If you are looking for a Ad agency in India, go no further than this list !

Read More »

The way we will visit our destinations in future

geobeats-visiting-the-destination-thumb.png

Videos of GeoBeats are their biggest strength. They are professional and very informative. What sets them apart is, the personal touch that they give to the videos and very true to life video editing and presentation. When you see the video, you will actually have a complete idea of the surrounding, the people, the attractions, the climate and everything that you want to know. I saw nearly 8 to 10 videos and every video had the same quality content and presentation. Well done GeoBeat guys.

Read More »
who's online