Bangalore, Jan 7 : The Chairman of Satyam Computers, B Ramalinga Raju, today resigned after admitting to major financial wrong-doings.
The resignation of Ramalinga Raju has come as a shock to the board. In his letter to the board, he wrote that company has accounted exaggerated revenues over the years.
Raju, in his resignation letter, admitted to have inflated cash and bank balances of Rs 5,040 crore as against Rs 5,361 crore reflected in the books of accounts.