Satyam was the brand image of Andhra Pradesh, Hyderabad was identified with this company, and its founder-chairman B. Ramalinga Raju was a hero to youngsters. But overnight, arguably the biggest fraud in India's corporate history has reduced the chairman and his company to a big zero.
The man who spent three decades in IT services and built Satyam into India's fourth largest IT services firm, was described as a visionary, a global business leader and a thinker. Now, the angry shareholders want him to be put behind bars.
Ramalinga Raju resigned as the company chairman on Wednesday after confessing to a Rs 5040-crore fraud that was going on for years.
Even when crisis hit Satyam following the management's aborted bid to acquire Maytas Infra and Maytas Properties, the two infrastructure companies owned by the promoters' family, Ramalinga Raju's wellwishers launched a website to repose faith in his leadership.
Text: IANS
Images: Copyright AFP/AP. Any unauthorised reproduction is prohibited.
Also Read: Ramalinga Raju admits to Rs 5,040-cr fraud | Click here to read Raju's letter to the Board | Satyam: The truth at last!
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