Friday, January 23, 2009

SATYAMeva Jayathi

Satyam saga is getting murkier.I am feeling ashamed to be called a co-andhradite / an Indian. The list of frauds done by Mr.Raju seems to be endless.

Mr B. Ramalinga Raju, had ‘taken loans’ worth Rs 1,425 crore from 40 companies owned by his family or other relatives. That is not all. Most of the companies that gave loans to Mr Raju are operating from the same address and some of them do not even exist.
This was like the left hand giving a loan to right hand

Amaravathi Greenfields, Pavitravati Greenfields, Surasa Greelands,Madeswara Greenfields, Teepa Agro, Malaprabha, Netravati, Banganga Agrofarms, Koel Agrofarms, Saravati Greenlands, Ahar Greenlands, Balaghat Greenfields, Kolar Greenlands,Atryeee Agrofarms, Dhatu Agro farms, Hakra Agrofarms, and Bahudan are the benami companies run by his brother,sons and his other family members.

2. Rs 20 crore was being diverted every month in the name of employee salaries.Satyam Computers has only 40,000 employees and not 53,000. Ten thousand employees were non-existent and 3,000 belong to attrition category. 32000 salary accounts of Satyam are in ICICI Bank that handles more than 90 per cent of Satyam's salary payments in India. HDFC has another 2000 salary accounts. Add to this, an estimated 15000 salary accounts overseas. How did these banks opened accounts is a big question?
Satyam showed over 5200 crore rupees as its salary bill in 2007-2008.
How much of that went into Raju's own pocket ??
That is one in four employees salary was probably being diverted elsewhere.

The company didnt pay the medical insurance premium for the employees so they wont get treatment facilities.


4. Ramalinga Raju had used the name of 400 fictitious companies to buy benami lands in the city outskirts. 3,400 acres of land were purchased.These lands had been bought up in the names of Mr Ramalinga Raju’s family members, companies and other benami identities. There were 478 acres in name of Mr Akula Rajaiah and 312 acres in names of Mr Suryanarayana Raju and Mrs Narasamma (Raju's mom)

All these came out only when he was interrogated for one hour per day, had he been interrogated for more hrs then????

We will be hearing more in the coming days.The investigating authority has just possibly opened a can of worms, the worst is yet to come.

Info courtesy: Deccan chronicle and ndtv

8 comments:

hitch writer said...

Today is a day of rhymes :

Raju Raju
Yes Papa
Doing Scam
No papa,

Telling lies ?
No Papa
Show me Bank Balance
Ha Ha Ha

lol... human beings are such !! all types !!
and he doesnt represent Andhrite's !!

varunavi said...

@hitchwriter good rhyme

Ranu said...

yeah dhir nice rhyme!!!

The asatyam saga is going to continue for a lot more day.

My belief is that what has been revealed is just the tip of the iceberg there is more to come..... so sit back and watch the drama open.

Abhi picture baki hai mere dost!!! and believe me it has nothing to do with the place you belong..... it is a human trait!!!

varunavi said...

@Ranu thanks, yes abhi picture baki hai.He is having good time in jail, eating his meal and answering questions only for an hour

Shilpa said...

apparently, when he started this whole murky business, he did so 'coz he was afraid if he posted losses, the company would be taken over.

wouldn't that have been a better option?

hitch writer said...

BTW : for a change me smarty bought Satyam shares at 23, and now its 37 !!!! tsk tsk only 10 i bought !!!

lol

Rakesh said...

You know, there's a lot more behind what appears in papers. This is just the police's version. If we don't believe what Raju confesses, how can we blindly believe what the police/interogators are saying. After all, how clean is the police in our country?

Who knows how much of this is true? Maybe it is, maybe not.

varunavi said...

@Shipa, taking our was the best option
@Hitchwriter u should have brought more,infact i was telling my hubby to buy some,but he is not interested
@Rakesh I feel it is true as ndtv are going to his benami addresses and finding out the truth.
Anyways are police are giving him VVIP treatment, he is questioned only for an hour in a day and rest of the day he is left to think what to say the next day.