The chairman of Satyam Computer Services, a leading Indian information technology company that serves numerous Fortune 500 companies, resigned after disclosing major accounting irregularities, sending Satyam’s shares down 77 percent
Ramalinga Raju resigned after revealing that the company’s financial position had been massively inflated during the course of the company’s expansion from a handful of employees into an outsourcing giant with 53,000 employees and operations in 66 countries.
Read the entire article from The New York Times
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