When the world replaces reverence for all creation with greed and absolute corruption of power, nature takes it's course to bring about the renewal of human consciousness with the emergence of truth in our waking lives ! Satyam is Sanskrit means 'Truth' and finally after years of inflating revenues and manipulating accounts the Satyam founder, B. Ramalinga Raju admitted to committing Fraud stating that he is prepared to subject himself to law of the land and face consequences thereof. In the regulatory statement, Raju said that the company had fraudulently incorporated a non-existent cash component and inflated the bank balance to reflect Rs 5,040 crore (Rs 50.4 billion) as against Rs 5,361 crores (Rs 53.61 billion).
" No board member had any knowledge of the real situation. Accrued interest of Rs 376 crore in books is non-existent. About Rs 1,230 crore was arranged to Satyam, but was not reflected in the books," he said.
"It was like riding a tiger, not knowing how to get off without being eaten," Ramalinga Raju said in a letter to Satyam's Board of directors, wherein he listed major financial wrong doings over the years to inflate the profits.
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