HYDERABAD: Pressure is mounting on Andhra Pradesh government to arrest Satyam Computer’s disgraced former chief Ramalinga Raju.
Sources say that police may file a suo motu case in Hyderabad and is likely to arrest Raju today.
The final decision to arrest Raju lies in the hands of Andhra Pradesh chief minister Y S R Reddy.
The IT firm plunged into a deep crisis on January 7 when its promoter-chairman B Ramalinga Raju resigned after admitting to major financial wrong-doings and saying his last-ditch efforts to fill the "fictitious assets with real ones" through Maytas acquisition failed.
The beleaguered IT giant, already under scanner over the aborted acquisition of firms promoted by the chairman's family, received a rude shock days ahead of its January 10 board meeting, with Raju stepping down along with his brother and Managing Director B Rama Raju.
"It was like riding a tiger, not knowing how to get off without being eaten," Ramalinga Raju said in a letter to Satyam's Board of directors, wherein he listed major financial wrong-doings over the years to inflate the profits.
On Thursday, interim CEO Ram Mynampati announced in a press conference, Satyam’s CFO Srinivas Vadlamani had also tendered his resignation, and said the board would take a decision in its meeting on January 10.
Source: http://timesofindia.indiatimes.com/Pressure_on_Andhra_govt_to_arrest_Raju/articleshow/3955175.cms
Sources say that police may file a suo motu case in Hyderabad and is likely to arrest Raju today.
The final decision to arrest Raju lies in the hands of Andhra Pradesh chief minister Y S R Reddy.
The IT firm plunged into a deep crisis on January 7 when its promoter-chairman B Ramalinga Raju resigned after admitting to major financial wrong-doings and saying his last-ditch efforts to fill the "fictitious assets with real ones" through Maytas acquisition failed.
The beleaguered IT giant, already under scanner over the aborted acquisition of firms promoted by the chairman's family, received a rude shock days ahead of its January 10 board meeting, with Raju stepping down along with his brother and Managing Director B Rama Raju.
"It was like riding a tiger, not knowing how to get off without being eaten," Ramalinga Raju said in a letter to Satyam's Board of directors, wherein he listed major financial wrong-doings over the years to inflate the profits.
On Thursday, interim CEO Ram Mynampati announced in a press conference, Satyam’s CFO Srinivas Vadlamani had also tendered his resignation, and said the board would take a decision in its meeting on January 10.
Source: http://timesofindia.indiatimes.com/Pressure_on_Andhra_govt_to_arrest_Raju/articleshow/3955175.cms
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