Satyam computers was founded by Ramalinga raju.Satyam was one of the most promising IT companies in india.
The company presented fake accounts and misled market by lying about the financial health.
Satyam's founder Ramalinga Raju confessed on Jan 2009.As per his confession they manipulated company's account for 7 years.They inflated company's profit and revenue on paper this led to increase its share price.
The balance sheet figures was mostly fictitious.They paid 186.91 cr on fictitious interest income from bon existent fixed deposit.He used the amount to buy thousand acres of land in andhra.
The 14000 cr worth satyam scam was one of the biggest scam in the history of India.
Tech Mahindra take over satyam with indian government's intervention many young workers saved from unemployment
On 9th April 2015 a special CBI court sentenced Raju to prison for 7 years.
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August 05, 2023
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Failures
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