Ramalinga Raju|Satyam computers services ltd|chairman|resignes|share plunges 50%

Ramalinga Raju, Chairman of Hyderabad based Satyam computers ,has sent his resignation letter admiting accountiong fraud .
He said that the company had fraudulently incorporated a non-existent cash component and inflated the bank balance to reflect Rs.5,040 crores (Rs.50.4 billion) as against Rs.5,361 crores (Rs.53.61 billion).

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http://www.bloomberg.com/apps/news?pid=20601080&sid=a37YOX1irBus&refer=asia
http://www.nowpublic.com/tech-biz/ramalinga-raju-chairman-satyam-computers-resigns-irregularities
http://ibnlive.in.com/news/satyam-boss-raju-admits-accounting-fraud-quits/82127-7.html