rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » Raju yet to be logged out of Satyam

Raju yet to be logged out of Satyam

January 13, 2009 18:06 IST

He may be in Chanchalguda jail in Andhra Pradesh on charges of criminal conspiracy and fraud, but Satyam on its official website is still presenting B Ramalinga Raju to the world as its chairman along with all the members of the board, which has been since disbanded.

Satyam is still to log out Raju, his brother and other members of his top management team, despite his quitting as chairman on January 7 after admitting to a Rs 7,800-crore (Rs 78-billion) financial wrongdoing.

His brother Rama Raju, who quit on the same day and is also in the jail, is still being presented as the managing director and member of the board of the scam-tainted company on its official website.

The resignations were followed by the central government's stepping in to disband the company's board, which was left with three members after a string of resignations, and constitute a three-board member on January 10.

Surprisingly a young website, constructed by his supporters after the Maytas fiasco, went off line immediately after Raju admitted to wrongdoing.

It is surprising that Satyam website also carries a press release welcoming the government's decision to appoint Deepak Parekh, Kiran Karnik and C Ahuthan on its board under 'board of directors' link.

But the old structure is still intact on the same webstie.

The new board after its first meeting on Monday announced that Ram Mynampati, who was an whole-time director and was named interim CEO after resignations of the two Raju brothers, has ceased to be a board member and was continuing only as an employee of the company.

However, the company website under 'Quick Facts' link lists the name of its executive directors as Ramalinga Raju, founder and chairman, Rama Raju, co-founder and CEO, and Mynampati, member of the board and president.

It also names T R Prasad and V S Raju as its non-executive directors.

Besides, under the 'Management Profile' link, the company has nine names as its board members -- B Ramalinga Raju, B Rama Raju, Ram Mynampati, Mangalam Srinivasan, Vinod K Dham, Krishna G Palepu, Mendu Rammohan Rao, T R Prasad and Prof V S Raju.

Srinivasan, Dham, Palepu and Rao have already resigned over the past few weeks.

Here also, Ramalinga Raju has been described as Satyam's founder and Chairman, Rama Raju as co-founder and managing directors and others as board members.

Interestingly, the website also mentions under 'The Satyam Journey' link that the company's 'goal is to become one of the world's five most valuable integrated IT services and BPO companies'.

© Copyright 2014 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.