Satyam Computer today plunged into a deep crisis, as B Ramalinga Raju resigned as its Chairman after admitting to major financial wrong-doings and saying his last-ditch efforts to fill the “fictitious assets with real ones” through Maytas acquisition failed. He faces a criminal proceeding with a jail term of up to 10 years, if proven guilty. “It was like riding a tiger, not knowing how to get off without being eaten,” Ramalinga Raju said in a letter to Satyam’s board of directors, wherein he listed major financial wrong-doings over the years to inflate the profits. Shares of Satyam plunged by over 40 per cent immediately after the announcement of resignations.
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