The chairman of India’s Satyam Computer Services B Ramalinga Raju Wednesday confessed to fixing the company’s books for the past “several” years in the country’s first major fraud case to emerge following the global financial crisis.
In a letter to Satyam’s board, Mr Raju resigned after admitting to wildly inflating the company’s margins to paint a picture of good performance and retain his management position in one of the worst scams to have hit India’s outsourcing sector.
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