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Happy ? New year for Poor Investors !!
The First Biggest News for year 2009 ! As the New year starting with the biggest “flick” for IT Industries, with the Fraud of Satyam Computers. On Wednesday, Computer Services' Chairman and Managing Director B Ramalinga Raju resigned with some shocking revelations.
We admired the trust with which Ramalinga Raju lured investors and software engineers to create one of India's largest technology and software companies, Satyam Computer Services. But today, we are shocked by the saddest and shocking story of how Satyam and the Raju family fooled investors with a massive financial fraud of Rs 5000 crore! For many investors often press reports of companies and balance sheets published by companies are sometimes the only options know about the financial position of a company.
What was significant about the scams was that Indian investor confidence was temporarily eroded but it returned back as large FII investments in secondary markets pulled up Sensex to 22000 levels.
Satyam was to hold a board meeting on Jan 10’09 to consider several measures to restore investor confidence which has been dented after the proposed infra related diversification received disapproval from investors.
LET's HOPE FOR THE BEST !!
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