Word: raju
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...That's far less than the $7 billion stock-market valuation Satyam, India's fourth-largest I.T. company, once enjoyed before the scandal. In January, Satyam founder and chairman B. Ramalinga Raju confessed that accounts at had been fudged for years and that assets and profits to the tune of $1.6 billion did not exist. The government subsequently stepped in, appointing a board of directors to try to stabilize Satyam until a buyer could be found...
...April 7, India's federal crime bureau filed charges against nine people including Raju, Satyam's former chief financial officer Vadlamani Srinivas, former managing director Ramadan Raju and two former external auditors of Price Waterhouse. All of them are currently in jail...
...hard-fought success story out of the Salaam Bombay! cast was Raju Barnad, who at age 8 played Keera. Recalls the movie's cinematographer, Sandi Sissel: "He was tiny, and we all thought he was about five years old. He slept outside my guest-room door each night, and ultimately I invited him inside to bathe and sleep on a cot." Growing attached to the child, Sissel enrolled him in a Missionaries of Charity school for street children. She also sent money to the boy's mother...
...delay may make it more difficult to unravel the case. The police took a week to seize documents from Satyam's auditors, and there are concerns that crucial papers have been destroyed. Two weeks after Raju's confession, the state police arrested his cousin, Gopalakrishna Raju, who heads a sister company, for "concealing and causing disappearance of evidence"- mainly documents related to property acquisitions. Although an independent body under the central Ministry of Corporate Affairs, the Serious Crimes Investigation Office, has been investigating the case, it has a mandate to look mainly at violations of corporate law and not issues...
...months before the fraud came to light, as well as embezzlement and a host of other possible transgressions. According to reports in Indian newspapers, investigators for the Andhra Pradesh Crime Investigation Division have discovered Satyam funds were diverted into Maytas Properties and Maytas Infrastructure, property companies owned by the Raju family. Two senior partners of Satyam's auditors, Price Waterhouse, S. Gopalakrishnan and Srinivas Taluri, have also been arrested and charged with conspiracy, among other allegations. "SEBI will mainly look into any falsifications that may have had a [stock] price impact," says Anand Prasad, a partner at Delhi-based corporate...