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India Union Budget 2009
Highlights
Budget speech completed. Finance Bill-II 2009 introduced.
Customs duty on bio-diesel reduced.
Silver to cost more.
Tax to be levied on Law Firms.
Textile units to receive tax holiday.
LCD TVs to cost less. Custom duty on LCD TVs cut from 10% [...]
Raju Admits Fraud in Satyam Balance Sheet
Satyam chairman – Ramalinga Raju, has revealed that balance sheet figures were tampered and inflated profits were shown.
Raju has also said that the Maytas deal was a last attempt to plug this fictitious cash into real assets. September quarter revenue was at Rs 2,112 crore whereas the amount mentioned in the balance sheet was Rs. [...]
Ramaling Raju admits to Rs 4000-cr fraud
Hyderabad: Satyam Computer Services founder chairman B. Ramalinga Raju resigned from the IT major’s board after admitting a fraud to the tune of Rs 4000 crore ($823 million) in the balance sheet of the company.
In a notification to the stock exchanges, the Hyderabad-based IT firm said Ramalinga Raju and Managing Director Rama Raju had resigned [...]
Satyam: Full text of Raju letter to the Board
Satyam Computers Services Ltd.
From B. Ramalinga Raju
Chairman, Satyam Computer Servcies Ltd
Dear Board Members,
It is with deep regret, and tremendous burden that I am carrying on my conscience, that I would like to bring the following facts to your notice:
1. The balance sheet carries as of September 30, 2008
a) Inflated (non-existent) cash and bank balance of [...]
Satyam Shares In Open Market
Mumbai: IL&FS Trust Company has sold over 2.45 crore shares, representing 3.64% stake, of IT major Satyam Computer Services within a fortnight in open market transactions.
IL&FS Trust Company sold 2,45,20,500 Satyam shares in its capacity as trustee for debenture holders and lenders which include DSP Merrill Lynch, DSP Blackrock, Deutsche Bank, HDFC Mutual Fund and [...]
